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