Walmart launches fintech, via Robinhood, Credit Karma, and Affirm backer

Tuesday 12 January 2021 12:31 CET | News

Walmart (WMT), a large US-based retailer, has launched a financial technology (fintech) startup in partnership with venture capital firm Ribbit Capital, a backer of Robinhood, Credit Karma, and Affirm.

More than 265 million customers visit Walmart each week worldwide across its 11,500 stores in 27 countries and its ecommerce websites. In the US, Walmart has a fleet of nearly 5,000 stores, with 90% of the US population living within 10 miles of a location.

The new fintech company, which will be majority-owned by Walmart, aims to ‘develop and offer modern, innovative, and affordable financial solutions’ targeting Walmart's customers and employees, according to Yahoo Finance.

The board includes Furner, Walmart CFO Brett Biggs, and Ribbit Capital's founder and managing partner Meyer Malka. The startup, which has yet to be named, will add more board members, and hire a management team.

The new company expects to grow through acquisitions and partnerships.

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Keywords: Ribbit Capital, Robinhood, Credit Karma, Affirm, fintech, payments , Walmart, US, WMT, retailer
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech