Walmart shook the banking world earlier this year when it announced plans to establish a financial technology company.
Walmart Inc. Its financial technology venture is still shrouded in mystery, now with a possible name: Hazel by Walmart.
The world’s largest retailer applied for the trademark March 29 in the process, hinting at what the startup could actually do. Applications with the U.S. Patent and Trademark Office include a wide range of financial services, from credit card issuance to credit-repair services, which may potentially be offered at the outset. The list even includes financial-portfolio analysis and advice, which suggests that Walmart may target its customers as well as wealthy customers with significant low-income clients.
A Walmart spokesman declined to comment.
Filing “Walmart by Hazel”, a logo is displayed in a black, stylized logo where Hazel’s “A” is rotated more than a large symbol, with a small type “by Walmart” below the name.
Walmart rocked the banking world earlier this year when it unveiled the Fintech startup in partnership with stock-trading platform Robinhood investor Ribbitt Capital. The companies said they would launch an independent initiative that would combine Walmart’s retail knowledge and scale with Ribot’s Fintech expertise to provide appropriate technology-based financial experiences for Walmart’s customers and associates.
Since then, Walmart has given senior Goldman Sachs a couple of pushes for early leadership, but said nothing more about what it could do. Doug Macmillan, Walmart’s chief executive officer at the Investors Conference in February, simply said that customers “want more from us in terms of financial services and that this new approach will help us deliver to them more quickly.”
The laundry list for filing potential services includes “Virtual Currency Transaction Processing Services” with credit and debit card transaction processing, mobile payments. According to the Patent and Trademark Office, the filing was not approved and is “awaiting trial.”
Financial technology, or FinTech, aims to provide companies with the means to save, invest, and invest online or over the phone without having to deal with any customer. Walmart will own most of the new ventures, but did not provide further details.