Walmart’s application has not yet been approved, according to the USPTO, it is “pending registration.”
Walmart, which operates the world’s largest wholesale and retail chain, has filed a trademark application for its fintech startup. According to information published on the website of the United States Patent and Trademark Office (USPTO), the division will be called Hazel by Walmart.
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- An application to the USPTO makes it possible to understand in which areas the fintech startup Walmart will work. The application lists many different services that the division could potentially offer to customers, from processing debit and credit card transactions to providing secure commercial payments.
- The application also includes services for the analysis of the financial portfolio and financial advice. This could mean that Walmart is targeting not only traditional middle-income and low-income clientele, but also wealthy people. According to the USPTO, the application has not yet been approved and is “pending examination.”
- Walmart will create a fintech startup in partnership with venture capital firm Ribbit Capital. As part of the project, they will develop unique and affordable products for employees and customers of the wholesale and retail network. The joint venture will be majority owned by Walmart. The company has not yet disclosed detailed information about the project, the date of its launch remains unknown.
- Last month, Bloomberg reported that top managers of the investment bank Goldman Sachs will be engaged in the development of the fintech startup Walmart: the head of consumer banking of Goldman Omar Ismail and his right-hand man David Stark will join the project.