Walmart, in partnership with fintech investment firm Ribbit Capital, has established a new fintech start-up to develop and provide advanced, modern and affordable financial solutions.
The new fintech firm will be majority-owned by Walmart, and combines its retail knowledge and scale with Ribbit’s expertise to deliver tech-driven financial experiences.
Walmart US president and CEO John Furner said: “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. 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 to add independent industry experts to the board of new fintech
The board of new company will consist of Walmart US president and CEO John Furner, Walmart executive vice president and chief financial officer Brett Biggs and Ribbit Capital managing partner Meyer Malka.
Also, Walmart intends to add independent industry experts to the board and to create a management team of experienced fintech leaders, in addition to partnerships and acquisitions with other fintech companies.
The US retail corporation is expected to continue serving its customers through existing financial services and partnerships with third parties, including Walmart Credit Card, Walmart Money Card, check cashing, money transfers, installment financing and others.
Established in 2012, Ribbit Capital is an international investment firm focused on investing in entrepreneurs and businesses that disrupt financial services.
Ribbit’s current portfolio includes Robinhood, a no-fee mobile investment platform, Credit Karma, a consumer technology platform and Affirm, an advanced payment options provider for customers.
Ribbit Capital managing partner Meyer Malka said: “Walmart has a relationship with millions of customers and associates built on trust, security and integrity.
“When we combine our deep knowledge of technology-driven financial businesses and our ability to move with speed with Walmart’s mission and reach, we can create and deliver financial offerings that are second to none.”
