Walmart announces fintech startup with Ribbit Capital

Cornelia Mascio
Gennaio 13, 2021

As it continues to enhance operations that allow the company to offer customers ways to manage money, Walmart has announced the creation of a new fintech startup enterprise created to develop and offer modern, innovative and affordable financial solutions.

"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 pulled on a hoody and started using the word "ideate" earlier in the week, because the retailer announced it's launching its very own fintech startup.

The new venture is said to combine Walmart's retail expertise with Ribbits Fintech experience.

The unnamed Fintech will incorporate a board of directors that will include Furner; Brett Biggs, Executive Vice President and Chief Financial Officer of Walmart; and Meyer Malka, Managing Partner of Ribbit Capital.

Expands its Financial Services Line with the Creation of a New FinTech Company.

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. "And they've made it clear they want more from us in the financial services arena", John Furner, president and CEO, Walmart U.S. says. That, combined with spending in its stores, its credit and prepaid cards, and seeing foot traffic to bank branches in its locations, means Walmart has access to a trove of information about the ways consumers manage their finances.

"By offering affordable insurance plans with an open network of doctors and hospitals, we are democratising high-quality care and bringing it to individuals and communities that have previously been overlooked by other insurers".

Walmart has more than 4,700 stores across the country and employs almost 1.5 million in the USA alone.

The startup will provide financial services, but the Bentonville-based group (Arkansas, South America) did not provide further details and did not release the name or date of the launch.

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