Partners with Industry Leader Ribbit Capital to Deliver Next-Generation Digital Financial Products
Today, Walmart announced the creation of a new fintech company designed to develop and deliver modern, innovative and affordable financial solutions. The new company is a strategic partnership with leading fintech investment firm Ribbit Capital. The company will unite Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver technology-driven financial experiences tailored to Walmart customers and associates.
“Over the years, millions of customers have placed their trust in Walmart not only to save them money when shopping with us, but also to help them manage their financial needs. And they have made it clear that they want more from us in the financial services arena. , “said John Furner, president and CEO of Walmart US. “We are delighted to be working with Ribbit Capital on a new venture to help us deliver necessary and innovative options to our customers and partners, with speed and scale.”
The company will be majority owned by Walmart. Its board will include John Furner, president and CEO of Walmart US; Brett Biggs, executive vice president and chief financial officer of Walmart; and Meyer Malka, managing partner of Ribbit Capital. The company plans to add independent industry experts to the board and build a management team of experienced financial technology leaders. He anticipates that growth may come from partnerships and acquisitions with leading fintech companies.
Ribbit 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 companies that are revolutionizing financial services. Your current portfolio includes a free mobile investment platform Robin Hood; consumer technology platform Karma Credit; Y Say, which offers innovative payment options for customers.
“Walmart has a relationship with millions of customers and associates based on trust, security and integrity,” said Meyer Malka, managing partner at Ribbit Capital. “When we combine our deep knowledge of technology-driven financial businesses and our ability to move rapidly with Walmart’s mission and scope, we can create and deliver unsurpassed financial offerings.”
Walmart will continue to serve customers through its existing financial services and partnerships with a number of third parties, including the Walmart credit card, Walmart Money card, check cashing, money transfers, installment financing and more. .
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better, anytime, anywhere, in retail stores, online and through their mobile devices. Each week, more than 265 million customers and members visit approximately 11,400 stores with 55 signs in 26 countries and e-commerce websites. With fiscal 2020 revenue of $ 524 billion, Walmart employs more than 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunities. You can find additional information about Walmart by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20210111006004/en/