Walmart has partnered with fintech investment firm Ribbit Capital to launch a startup designed to offer affordable financial solutions. The venture aims to combine Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates.
Walmart will be the new company’s majority owner. The board will include both Walmart U.S. President and CEO John Furner and Ribbit Capital Managing Partner Meyer Malka, with plans to add independent industry experts and build a management team of experienced fintech leaders. Additionally, the startup will look for growth through partnerships and acquisitions with leading fintech companies.
“For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs,” said Furner in a statement. “And they’ve made it clear they want more from us in the financial services arena. We’re thrilled to work with Ribbit Capital in a new venture to help us deliver innovative and needed options to our customers and associates — with speed and at scale.”
Walmart will continue to serve customers through its existing financial services products and partnerships with a number of third parties, including Walmart Credit Card, Walmart Money Card, check cashing, money transfers and installment financing.
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