Ali Hasan
Walmart and Ribbit Capital To Launch Fintech Startup
Walmart is about to enter a new venture as it has decided to launch its very own Fintech startup. It would be a joint venture with Ribbit Capital. The venture will combine together the retail knowledge, experience, and reach of Walmart with Ribbit’s fintech expertise to deliver tech-driven experiences that would be tailored to customer’s needs and requirements.
“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,” John Furner, president, and CEO, Walmart US says.
“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.”
Walmart – which already offers a number of financial products, including credit cards, cheque cashing, money transfers, and installment financing – has yet to give any specific details on its product plans, although partnerships with other fintech and acquisitions are written into the business blueprint.
The company also plans to add independent industry experts to the board and to build a management team of “experienced fintech leaders”. The majority-owned by Walmart, the joint venture will likely lean on the fintech expertise in Ribbit Capital’s current portfolio, which includes the likes of Robinhood, Credit Karma, and Affirm.
“Walmart has a relationship with millions of customers and associates built on trust, security, and integrity,” Meyer Malka, managing partner, Ribbit Capital, says. “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.”
Only time will tell how this startup will affect the Fintech industry in the future but we can have high hopes as they have what it takes to deliver in the marketplace.
