Walmart Stores, Inc. (WMT) to launch a financial technology (fintech) startup in partnership with Palo Alto, California-based venture capital firm Ribbit Capital which has backed investment platform personal finance portal Credit Karma, Robinhood, and other big names in the industry.
The new company aimed to “develop and offer modern, innovative, and affordable financial solutions” targeting Walmart’s customers and employees, will be majority-owned by Walmart.
“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,” stated Walmart U.S. CEO John Furner in the release.
The start-up which is yet to be named will include John Furner, CEO & President Walmart, Walmart CFO Brett Biggs, and Ribbit Capital’s founder and managing partner Meyer Malka to the board. The new company expects to grow through acquisitions and partnerships and will add more board members and hire a management team.
“When we combine our deep knowledge of technology-driven financial businesses and our ability to move with speed with Walmart’s mission and reach, we can create and deliver financial offerings that are second to none,” stated Ribbit Capital’s founder and managing partner Meyer Malka.
Walmart Stores, Inc. (WMT) is a worldwide retailer that operates in various formats. The three segments of the company include Walmart U.S., Walmart International, and Sam’s Club. The company is comprised of discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, apparel stores, drug stores, convenience stores, and membership-only warehouse clubs; and retail Websites. To learn more about Walmart (WMT) and to continue to track its progress please visit the Vista Partners Walmart Coverage Page.
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