Walmart (WMT), the world's largest retailer, announced on
Monday that it is launching a financial technology (fintech) startup in
partnership with Palo Alto, Calif.–based venture capital firm Ribbit Capital, a
backer of Robinhood, Credit Karma and Affirm.
The new fintech company, which will be majority-owned by
Walmart, aims to “develop and offer modern, innovative and affordable financial
solutions” targeting Walmart's customers and employees.
"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," Walmart U.S. CEO John Furner said in the
The board includes Furner, Walmart CFO Brett Biggs, and
Ribbit Capital's founder and managing partner Meyer Malka. 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.
“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,” Malka said in a statement.
As the world's largest retailer, more than 265 million
customers visit Walmart each week worldwide across its 11,500 stores in 27
countries and its e-commerce websites. In the U.S., Walmart has a fleet of
nearly 5,000 stores, with 90% of the U.S. population living within 10 miles of
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