Walmart unveiled the creation of its latest fintech startup, which is designed to develop and offer modern, innovative and affordable financial solutions. The new company will partner with Ribbit Capital, bringing together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences specifically tailored to 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. And they’ve made it clear they want more from us in the financial services arena,” says John Furner, president and CEO, Walmart U.S. “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.”
- The company will be majority-owned by Walmart
- Board members include: John Furner, president and CEO, Walmart U.S.; Brett Biggs, executive vice president and chief financial officer, Walmart; and Meyer Malka, managing partner of Ribbit Capital
- The company anticipates that growth may come through partnerships and acquisitions with leading fintech companies