Walmart is expanding into the financial sector with the creation of a new fintech startup, which is designed to develop and offer modern and affordable financial solutions.
Combining its retail footprint with tech experience, in partnership with Ribbit Capital, the venture will aim to deliver a personalised approach to fintech.
“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,” said John Furner, President and CEO, Walmart US. “We’re thrilled to work with Ribbit Capital in a new venture to help us deliver innovative and needed options to our customers and associates – with speed and at scale.
“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.”
The company will be majority-owned by Walmart. Its 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 to the board and to build a management team of experienced fintech leaders. It anticipates that growth may come through partnerships and acquisitions with leading fintech companies.
“Walmart has a relationship with millions of customers and associates built on trust, security and integrity,” said Malka, “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.”
