Walmart-backed OnePay has partnered with Upgrade to launch personal loans ranging from $1,000 to $50,000 directly within the OnePay app.
OnePay will use existing customer data to streamline applications and underwriting, potentially extending same-day offers to eligible users.
The partnership advances OnePay’s super app ambitions while giving Upgrade access to a larger customer base and highlighting fintech’s broader rebundling trend.
Walmart-backed digital banking platform OnePay is getting an upgrade this week. The New York-based company has teamed up with alternative lender and fellow digital banking platform Upgrade to launch Personal Loans, bringing a new element into its banking app.
With the new Personal Loans product, OnePay will allow eligible borrowers to apply for a loan ranging from $1,000 to $50,000, receive and accept an offer with APRs ranging from 7.74% to 35.99%, and pay back their loan within the OnePay app. The company sees the new product as a significant step forward in its mission to make everyday financial services simpler, more accessible, and more useful.
“Getting access to credit in America today is harder than it should be,” said OnePay CEO Omer Ismail. “It’s never been more important to give consumers access to financing that’s simple, transparent, and meets them where they already are—and we’re excited to partner with Upgrade to introduce another financing option for our customers with OnePay Personal Loans.”
Because it can leverage information customers have already shared, OnePay can reduce repetitive entry during the application process, minimizing friction. Additionally, because OnePay is able to leverage customer information such as their average daily balance, overdraft occurrences, and spending habits for underwriting purposes, it is able to extend financing offers as soon as the same day to some of its active customers.
OnePay has tapped San Francisco-based Upgrade for the lending infrastructure and expertise, offering it the ability to offer larger-dollar lending directly within its app. Founded in 2017, Upgrade offers checking and savings accounts, personal loans, credit cards, and rewards programs that focus on low fees and responsible credit usage to help consumers improve their financial lives. With more than 7.5 million customers, Upgrade has facilitated over $42 billion in credit with tools such as its Upgrade Card, which encourages customers to pay off balances quickly and avoid revolving debt and build credit responsibly.
“Our personal loans offer consumers the breathing room they need to get on the best financial path,” said Upgrade CEO and Co-founder Renaud Laplanche. “We’re proud that this partnership makes that resource more accessible to millions of OnePay customers.”
The addition of a personal lending product is a major step for OnePay, which has been building out its banking super app since it was founded in 2021. By embedding unsecured lending directly into its app, OnePay is evolving beyond a digital wallet and deposit platform into a more comprehensive financial services hub. The partnership is another example of recent rebundling efforts in fintech. Rather than building every product in-house, digital banking providers are increasingly partnering with specialized fintechs to quickly expand their offerings.
For Upgrade, the deal opens the door to OnePay’s growing customer base, while OnePay gains proven lending infrastructure and underwriting expertise without taking on the complexity of developing it internally. As competition among digital banking platforms intensifies, strategic partnerships like this one are becoming an increasingly common way to deepen customer relationships and increase engagement.
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