The second largest US-based neobank is OnePay. The company has 6 million active monthly users. Four years after its launch as a super app, OnePay provides consumers access to more than 10 banking products, including high yield savings accounts, checking accounts, credit cards and BNPL point-of-sale lending. Within the last year, OnePay has added cryptocurrency and investment services to its portfolio.

Available from OnePay are two credit card products promoted in partnership with issuer Synchrony. Both have strong value propositions for customers of retailer Walmart, which is the majority investor in OnePay.

The OnePay credit card is the proprietary credit card for more than 4,700 Walmart stores. The OnePay CashRewards Mastercard is a Walmart co-branded credit card. The OnePay app provides access to the lines of credit for both cards.

The newest card available in the OnePay app is the Builder Card, a secured Mastercard credit card designed to help consumers improve their credit scores. No credit checks are required. There is no upfront security deposit, but cardholders designate funds to pay for Builder Card transactions from their cash accounts. OnePay reports positive payment activity monthly to the three largest US credit bureaus.

Coastal Community Bank (CCB) and Lead Bank issue the Builder Card. Both are OnePay partners for deposit products and issue Mastercard-branded OnePay debit cards.

OnePay is embedded in the Walmart ecosystem, including being prominently displayed on Walmart’s website. Walmart is the second largest US retailer and the second largest ecommerce provider in the US.

The Walmart connection generates most new OnePay customers. However, the company is diversifying the sourcing for new accounts, including acquiring customers through its relationship with Ribbit Capital, an investor in OnePay. Ribbit helped facilitate OnePay partnerships with Lead Bank, Gigs and other companies.

Providing customers with faster access to their paychecks is a focus of OnePay. Human resources platform providers Workday and UKG are OnePay partners.

OnePay wants to be the primary financial destination for its customers by providing convenient everyday money management. The company expects growth opportunities from its existing customer base, citing that the majority of the spending by OnePay customers occurs outside of Walmart.

Currently, Chime is the top neobank in the US. It has 10 million active monthly customers. However, it has been in business more than a decade longer than OnePay.