BENTONVILLE, Ark .– (BUSINESS THREAD) – Today, Walmart announced the creation of a new fintech company designed to develop and offer modern, innovative and affordable financial solutions. The new company is a strategic partnership with the leading fintech investment firm Ribbit Capital. The company will combine Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver technology-driven financial experiences tailored to Walmart’s customers and associates.
‘Millions of customers have relied on Walmart for years to not only save money when they shop with us, but also help them manage their financial needs. And they have made it clear that they want more of us in the area of financial services, ”said John Furner, President and CEO, Walmart US. “We are delighted to be working with Ribbit Capital on a new venture to help us offer innovative and needed options to our customers and associates – quickly and on a large scale.”
The company will be majority owned by Walmart. His board will include John Furner, President and CEO, 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 and build a management team of experienced fintech leaders. Growth is expected through partnerships and acquisitions with leading fintech companies.
Ribbit Capital is a global investment firm that aims to change the world of finance. Founded in 2012, Ribbit is committed to investing in the best entrepreneurs and businesses disrupting financial services. The current portfolio includes the free investment platform Robinhood; consumer technology platform Credit Karma; and Confirm, which offer innovative payment options for 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 ventures and our ability to move quickly with Walmart’s mission and reach, we can create and deliver unparalleled financial offerings.”
Walmart will continue to serve customers through its existing financial services and partnerships with a number of third parties, including Walmart credit card, Walmart cash card, check cashing, money transfers, installment financing and more.
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime, anywhere – in stores, online and via their mobile devices. Every 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 the 2020 financial year, Walmart employs more than 2.2 million employees worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and jobs. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.