Walmart is teaming up with Ribbit Capital, a venture capital firm behind the no-fee investment platform Robinhood, on a new fintech startup designed to develop and offer “modern, innovative and affordable financial solutions” to the retailer’s employees and customers.
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“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,” Walmart U.S. president and CEO John Furner said in a statement Monday. “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 did not share the name of the new company or say when its services will be available.
The startup will be majority-owned by Walmart, with Furner and Walmart’s executive vice president and chief financial officer Brett Biggs on the company’s board along with Ribbit Capital’s managing partner, Meyer Malka.
“Walmart has a relationship with millions of customers and associates built on trust, security and integrity,” Malka