Walmart, one of the world’s largest retailers by revenue, has always strived for a customer-first mindset. It is also one of the earliest non-banking stalwarts to bring contextual financial products to aid customers’ shopping experiences – a trend which we now call embedded finance. Since the 1990s, this has reflected in Walmart’s investments, partnerships, internal innovations, and acquisitions as the company has continued to deliver a broad omnichannel commerce experience to its customers. Walmart has upped the ante on its SuperApp ambitions, with its recent acquisitions of two FinTechs – Ever Responsible Finance and ONE Finance. We look at Walmart’s flirtations with financial products that spread well beyond 2 decades. Initial Bets in FinanceWalmart’s attempts to diversify its offerings date back to early 2005—when the retail giant in partnership with GE Consumer Finance and Discover Financial Services—announced plans to launch a credit card that can be used both inside and outside Walmart stores. Soon after, it applied for a banking license as an industrial loan company (ILC) with the Department of Financial Institutions in Utah. However, given the pressure from the banking fraternity against Walmart’s advances in the sector, it withdrew its bank charter application within two years of filing. […]