Upstart Holdings in San Mateo, Calif., entered into a one-year strategic partnership with OnePay to focus on marketing consumer lending products to Walmart customers.
Upstart disclosed in a regulatory filing that its agreement with OnePay, which is majority-owned by Walmart, will include co-branded direct mail campaigns and other collaborative offerings. Upstart said it does not expect the deal to have a material impact on its financial condition or 2025 results.
The announcement comes just months after another fintech, Klarna, struck a deal with OnePay. Klarna’s agreement—announced in the run-up to its now-postponsed IPO—positioned the Swedish lender as the exclusive provider of three- to 36-month installment loans via the OnePay app.
Klarna appears to have paid a steep price for that access. Its IPO filing revealed that it granted more than 15 million warrants to a “global partner” in March as part of a commercial agreement widely believed to reference the OnePay deal.