Walmart announced the launch of new fintech startup

The company will be majority-owned by Walmart, according to information

Walmart fintech startup

Walmart announced the launch of new fintech startup. Source: shutterstock.com

Walmart has announced the launch of a new fintech startup dedicated to developing and offering modern and affordable financial solutions.

The new company is a strategic partnership with the financial technology investment firm Ribbit Capital. The enterprise will combine Walmart’s retail expertise and scale with Ribbit’s fintech expertise. It will be made to deliver a technology-driven financial experience adapted to Walmart customers and partners.

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. 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
John Furner, President and CEO, Walmart US

The board will include John Furner, President and Chief Executive Officer of Walmart US; Brett Biggs, Executive Vice President and Chief Financial Officer at Walmart; and Meyer Malka, Managing Partner at Ribbit Capital.

The company is going to increase its growth by adding independent industry experts to the board of directors and by forming a management team of experienced financial technology leaders.

We’ve reported that Walmart customers can now return items without leaving home.

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Tags: US