Economy

Walmart ventures into fintech with Ribbit Capital | Financial Services (FinServ)

Walmart ventures into fintech with Ribbit Capital | Financial Services (FinServ)”

American retail giant Walmart Inc announced on Monday that it is forming a fintech company that will "develop and offer modern, innovative and affordable financial solutions".

Walmart's co-owner of the new company, Ribbit Capital, has a history of investing in fintech companies.

The fintech start-up will be majority-owned by Walmart and its board will include several company executives, including Chief Financial Officer Brett Biggs and Walmart U.S. Chief Executive Officer John Furner.

The venture will bring together Walmart's retail knowledge and scale with Ribbit's fintech expertise to deliver "tech-driven financial experiences tailored to Walmart's customers and associates". "And they've made it clear they want more from us in the financial services arena". The startup, which has yet to be named, will add more board members, and hire a management team.

The new company expects to grow through acquisitions and partnerships.

More news: Husband and wife caught in freakish act to avoid Covid restrictions

Walmart will continue to serve customers through its existing financial services and partnerships with a number of third parties, including Walmart Credit Card, Walmart Money Card, check cashing, money transfers, installment financing and more.

Ribbit Capital was founded in 2012 and its portfolio includes Credit Karma, the no-fee mobile investment platform Robinhood, and the longer-term payment platform Affirm.

Walmart has long sought to have a bigger foothold in financial services - interests that can be traced back to at least the 1990s. Contacted by HomeWorld Business, a Walmart spokesperson said specific details about what financial services the partnership would offer are not yet available.

On Wall Street, Walmart shares rose 1.5% in electronic trading at midnight (Paris time).

Walmart has more than 4,700 stores across the country and employs almost 1.5 million in the US alone. The amount of customers creates a powerful incentive for Walmart to provide financial services.



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