BENTONVILLE, Ark .– (BUSINESS WIRE) – Today, Walmart announced the creation of a new fintech startup designed to develop and offer modern, innovative and affordable financial solutions. The new company is a strategic partnership with the leading fintech investment company, Ribbit Capital. The venture will bring together Walmart’s knowledge and retail scale with Ribbit’s fintech experience to offer tailored technology-focused financial experiences to Walmart customers and associates.
“For years, millions of customers have relied on Walmart not only to save money when they shop with us, but also to help them manage their financial needs. And they made it clear that they want more of us in the financial services arena, ”said John Furner, president and CEO of Walmart US. “We are excited to be working with Ribbit Capital on a new venture to help us provide innovative and necessary options to our customers and associates – with speed and scale.”
The company will be controlled mainly by Walmart. His board will include John Furner, president and CEO of Walmart US; Brett Biggs, executive vice president and chief financial officer at Walmart; and Meyer Malka, managing partner at Ribbit Capital. The company plans to add independent industry experts to the board and form an administrative team of experienced fintech leaders. He anticipates that growth may come through partnerships and acquisitions with leading fintech companies.
Ribbit Capital is a global investment company with a mission to change the world of finance. Founded in 2012, Ribbit’s mandate is to invest in the best entrepreneurs and innovative businesses in financial services. Its current portfolio includes the free mobile investment platform Robinhood; consumer technology platform Credit Karma; and Affirm, which offers innovative payment options to customers.
“Walmart has a relationship with millions of customers and associates based on trust, security and integrity,” said Meyer Malka, managing partner at Ribbit Capital. “When we combine our deep knowledge of technology-based financial businesses and our ability to move quickly with Walmart’s mission and reach, we can create and deliver unmatched financial offerings.”
Walmart will continue to serve customers through existing financial services and partnerships with a number of third parties, including Walmart credit cards, Walmart cash cards, check cashing, money transfers, installment financing and more.
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world to save money and live better – anytime, anywhere – in retail stores, online and via their mobile devices. Each week, more than 265 million customers and members visit approximately 11,400 stores with 55 banners in 26 countries and e-commerce sites. With fiscal year 2020 revenue of $ 524 billion, Walmart employs more than 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunities. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.