{"id":412485,"date":"2021-01-11T16:18:55","date_gmt":"2021-01-11T21:18:55","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=412485"},"modified":"2021-01-11T16:18:55","modified_gmt":"2021-01-11T21:18:55","slug":"walmart-announces-creation-of-new-fintech-startup","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/walmart-announces-creation-of-new-fintech-startup\/","title":{"rendered":"Walmart Announces Creation of New Fintech Startup"},"content":{"rendered":"

<\/p>\n

Walmart Announces Creation of New Fintech Startup<\/b><\/p>\n

Partners with industry leader Ribbit Capital to offer next generation digital financial products<\/i><\/p>\n

BENTONVILLE, Ark.–(BUSINESS WIRE<\/a>)–
\nToday, 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\u2019s retail knowledge and scale with Ribbit\u2019s fintech expertise to deliver tech-driven financial experiences tailored to Walmart\u2019s customers and associates.\n<\/p>\n

\n\u201cFor 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\u2019ve made it clear they want more from us in the financial services arena,\u201d said John Furner, President and CEO, Walmart US. \u201cWe\u2019re thrilled to work with Ribbit Capital in a new venture to help us deliver innovative and needed options to our customers and associates \u2013 with speed and at scale.\u201d\n<\/p>\n

\nThe 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.\n<\/p>\n

\nRibbit 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<\/a>; consumer technology platform Credit Karma<\/a>; and Affirm<\/a>, which provides innovative payment options for customers.\n<\/p>\n

\n\u201cWalmart has a relationship with millions of customers and associates built on trust, security and integrity,\u201d said Meyer Malka, Managing Partner, Ribbit Capital. \u201cWhen we combine our deep knowledge of technology-driven financial businesses and our ability to move with speed with Walmart\u2019s mission and reach, we can create and deliver financial offerings that are second to none.\u201d\n<\/p>\n

\nWalmart 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.\n<\/p>\n

About Walmart
\n
<\/b>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<\/a>, on Facebook at https:\/\/facebook.com\/walmart<\/a> and on Twitter at https:\/\/twitter.com\/walmart<\/a>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210111006004\/en\/<\/a><\/span><\/p>\n

\nMolly Blakeman
\n
1-800-331-0085
\n
news.walmart.com\/reporter<\/a><\/p>\n

KEYWORDS:<\/b> Arkansas United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Finance Banking Discount\/Variety Retail Professional Services<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
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Walmart Announces Creation of New Fintech Startup Partners with industry leader Ribbit Capital to offer next generation digital financial products BENTONVILLE, Ark.–(BUSINESS WIRE)– 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\u2019s retail knowledge and scale with Ribbit\u2019s fintech expertise to deliver tech-driven financial experiences tailored to Walmart\u2019s customers and associates. \u201cFor 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\u2019ve made it clear they want more … <\/p>\n

Continue reading “Walmart Announces Creation of New Fintech Startup”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-412485","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nWalmart Announces Creation of New Fintech Startup - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/walmart-announces-creation-of-new-fintech-startup\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Walmart Announces Creation of New Fintech Startup - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Walmart Announces Creation of New Fintech Startup Partners with industry leader Ribbit Capital to offer next generation digital financial products BENTONVILLE, Ark.–(BUSINESS WIRE)– 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\u2019s retail knowledge and scale with Ribbit\u2019s fintech expertise to deliver tech-driven financial experiences tailored to Walmart\u2019s customers and associates. \u201cFor 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. 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