Walmart trademark filing offers new details on its fintech startup
The filing notes a laundry list of services, from mobile payments and credit, debit and prepaid card transaction processing to financial consulting, planning and portfolio analysis
Walmart is teasing new details for its fintech startup announced earlier this year in partnership with investment firm Ribbitt Capital.
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According to a March 29 filing with the U.S. Patent and Trademark Office, the new venture now has a potential name: Hazel by Walmart.
The filing also features a logo, which shows the word "Hazel" in a stylized font with the "a" being a greater-than sign rotated counterclockwise, with "by Walmart" in smaller type underneath the name.
In addition, the filing hints at services that the startup is expected to provide, including mobile payments and banking transfers, processing credit, debit, and prepaid card transactions, issuing credit cards, lines of credit and loans, reimbursing fraudulent electronic payments, and providing "virtual currency transaction processing."
The filing also says Hazel by Walmart will offer financial consulting and counseling services, credit repair and restoration, financial portfolio analysis, tax preparation, insurance services, and financial planning services.
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The retailer said in January that it would hold a majority stake in the fintech startup, with Walmart U.S. president and CEO John Furner and Walmart's executive vice president and chief financial officer Brett Biggs sitting on the company's board along with Ribbit Capital's managing partner, Meyer Malka.
According to Walmart, the board will also include independent industry experts who will help build a management team of experienced fintech leaders. The Wall Street Journal reported in March that former Goldman Sachs consumer head Omer Ismail and banker David Stark would leave the company to join Walmart's fintech startup.
Walmart also said the company's growth would occur through partnerships and acquisitions with leading fintech companies. Ribbit Capital's portfolio includes the no-fee investment platform Robinhood, as well as Credit Karma, a consumer technology platform that offers customers free credit score checks, and Affirm, a fintech company that allows customers to pay for an item in installments after purchasing it online.
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Speaking at an investor conference in February, Walmart CEO Doug McMillon said that the company's customers "have been clear that they want more from us in terms of financial services" and that this new approach would "help us deliver for them in a differentiated way more quickly."
The trademark application is currently "awaiting examination", according to the U.S. Patent and Trademark Office. A Walmart spokesperson did not immediately return FOX Business' request for comment.