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Walmart Builds Fintech Start-up With Ribbit Capital, Robinhood Vc

Walmart Builds Fintech Start-up With Ribbit Capital, Robinhood Vc

Walmart shares rose following the announcement of plans to launch a fintech start-up to provide digital financial solutions for customers and employees. Given the huge customer base of the largest US supermarket chain and the partnership with Ribbit, Walmart has a good chance to take a share in the fintech services market.

Walmart (WMT) announced after closing of business Monday that it has partnered with industry leader Ribbit Capital to offer cutting-edge and affordable next-generation digital financial products. The companies have not yet disclosed the size of the investment and the future name of their new fintech company, which will be majority-owned by Walmart.

The Board of Directors will include John Furner, President and CEO of Walmart USA; Brett Biggs, Executive Vice President and Chief Financial Officer of Walmart; and Meyer Malka, Managing Partner at Ribbit Capital.

The rapid growth of fintech companies and the loss of bank positions have prompted the largest US retailer to expand its financial services division.

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Walmart already offers some of its own financial products and services to customers (Walmart credit and cash cards, instalments, check cashing, money orders, etc.). The company noted that its current offerings will continue, as will partnerships with a number of third parties.

Considering that Ribbit Capital is a major player in the US fintech market, the investment company has acted as the main venture capital investor in companies such as Affirm credit company; financial market-free investing start-up Robinhood; and Credit Karma, a company that offers consumer-friendly products like free credit checks.

Walmart, in turn, can capitalize on its huge customer base. More than 265 million customers visit Walmart every week worldwide at 11,500 stores in 27 countries and on its e-commerce websites. Walmart owns a network of 4,700 physical stores in the US, with 90% of the population living within 10 miles of its store. Walmart’s e-sales is also showing a huge increase in shopper demand.

Walmart is aware of its lucrative business opportunity, and with the right partner, its new joint venture could become a significant player in fintech. At the same time, Walmart noted its “openness” to expansion, saying it may want to bolster those efforts with acquisitions and additional partnerships.

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