BENTONVILLE, Ark – (BUSINESS WIRE) – Today, Walmart announced the creation of a new fintech startup designed to develop and deliver modern, innovative and affordable financial solutions. The new company is a strategic partnership with leading investment firm Ribbit Capital. The company will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven, responsive financial experiences for Walmart customers and associates.
“For years, millions of customers have trusted Walmart not only to save them money when they shop with us, but also to help them manage their financial needs. And they have made it clear that they expect more from us in the financial services industry, ”said John Furner, President and CEO of Walmart US. “We’re excited to be working with Ribbit Capital in a new venture to help us deliver innovative and needed options to our clients and associates – quickly and at scale.”
The company will be majority owned by Walmart. Its board will include John Furner, president and CEO of Walmart US; Brett Biggs, executive vice president and chief financial officer, Walmart; and Meyer Malka, Managing Partner of Ribbit Capital. The company plans to add independent industry experts to the board of directors and build a management team of experienced fintech leaders. He predicts that growth may come from partnerships and acquisitions with leading fintech companies.
Ribbit Capital is a global investment firm whose mission is to change the world of finance. Founded in 2012, Ribbit’s mandate is to invest in the best entrepreneurs and companies disrupting financial services. Its current portfolio includes the Robinhood toll-free mobile investment platform; Credit Karma consumer technology platform; and Affirm, which offers innovative payment options to customers.
“Walmart has a relationship with millions of customers and associates built on trust, security and integrity,” said Meyer Malka, Managing Partner of Ribbit Capital. “When we combine our in-depth knowledge of technology-driven financial companies and our ability to scale quickly with Walmart’s mission and reach, we can create and deliver financial offerings that are second to none.”
Walmart will continue to serve its 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, Funding in installments and more.
Walmart Inc. (NYSE: WMT) is helping people around the world save money and live better – anytime, anywhere – in retail stores, online, and through their mobile devices. Each week, more than 265 million customers and members visit approximately 11,400 stores under 55 banners in 26 countries and e-commerce sites. With revenue of $ 524 billion in fiscal 2020, 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.