Bentonville, USA: Walmart has built a new fintech startup designed to develop and offer financial solutions. The new fintech startup is in a strategic partnership with fintech investment firm Ribbit Capital.
The new fintech startup will leverage the company’s retail knowledge and scale along with Ribbit’s fintech expertise. And offer tech-driven financial solutions tailored to Walmart’s customers and associates.
“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 John Furner, President and CEO, Walmart US.
“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,” added Furner.
The board of Walmart-owned startup will include Walmart US CEO John Furner, Walmart CFO Brett Biggs and Ribbit Capital’s Managing Partner Meyer Malka.
It plans to add independent industry experts to the board and build a management team of experienced fintech leaders. It anticipates that growth may come through partnerships and acquisitions with leading fintech companies.
“Walmart has a relationship with millions of customers and associates built on trust, security and integrity,” said Meyer Malka, Managing Partner, Ribbit Capital.
The retail giant will continue to serve customers through its existing financial services and partnerships with a number of third parties. Including its credit card, money card, check cashing, money transfers, instalment financing and more.