Walmart Announces Creation of New Fintech Startup
January 11 2021 - 4:15PM
Business Wire
Partners with industry leader Ribbit Capital to
offer next generation digital financial products
Today, Walmart announced the creation of a new fintech startup
designed to develop and offer modern, innovative and affordable
financial solutions. The new company is a strategic partnership
with leading fintech investment firm Ribbit Capital. The venture
will bring together Walmart’s retail knowledge and scale with
Ribbit’s fintech expertise to deliver tech-driven financial
experiences tailored to Walmart’s customers and associates.
“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.”
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.
Ribbit Capital is a global investment firm with a mission to
change the world of finance. Founded in 2012, Ribbit's mandate is
to invest in the best entrepreneurs and businesses disrupting
financial services. Its current portfolio includes no-fee mobile
investment platform Robinhood; consumer technology platform Credit
Karma; and Affirm, which provides 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, Ribbit Capital. “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.”
Walmart will continue to serve 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, installment financing and more.
About Walmart Walmart Inc. (NYSE: WMT) helps people
around the world save money and live better - anytime and anywhere
- in retail stores, online, and through their mobile devices. Each
week, over 265 million customers and members visit approximately
11,400 stores under 55 banners in 26 countries and eCommerce
websites. With fiscal year 2020 revenue of $524 billion, Walmart
employs over 2.2 million associates worldwide. Walmart continues to
be a leader in sustainability, corporate philanthropy and
employment opportunity. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210111006004/en/
Molly Blakeman 1-800-331-0085 news.walmart.com/reporter
Walmart (NYSE:WMT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Walmart (NYSE:WMT)
Historical Stock Chart
From Sep 2023 to Sep 2024