back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Walmart partners with Ribbit Capital to create a new FinTech startup

By Pavithra R

January 12, 2021

  • United States
  • Walmart
Share

Walmart and Ribbit Capital partner to create a new FinTech startup

Walmart has announced the creation of a new FinTech startup built to develop and offer modern, innovative and affordable financial solutions. 

The new company is the result of a strategic collaboration with leading FinTech investment firm Ribbit Capital. The venture will combine Walmart’s retail knowledge and scale with Ribbit’s FinTech expertise to deliver tech-driven financial experiences tailored to its customers and associates.

“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. 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,” said John Furner, President and CEO, Walmart U.S.

 Founded in 2012, Ribbit Capital is a global investment firm with a mission to change the world of finance. The company mandates to invest in the best entrepreneurs and businesses disrupting financial ecosystem. Its current portfolio includes Robinhood, no-fee mobile investment platform; Credit Karma, consumer technology platform; and Affirm, provider of innovative payment options for customers.

“Walmart has a relationship with millions of customers and associates built on trust, security and integrity. When we combine our deep knowledge of technology-driven financial businesses and our ability to move with speed with Walmart’s mission and reach, we can create and deliver financial offerings that are second to none,” said Meyer Malka, Managing Partner, Ribbit Capital. 

The new company will be majority-owned by Walmart. Its board will include John Furner, President and CEO; Brett Biggs, EVP and CFO, Walmart; and Meyer Malka, Managing Partner of Ribbit Capital. The company plans to add independent industry experts to its board and build a management team of experienced FinTech leaders. It anticipates that growth may come through collaborations and acquisitions with leading FinTech companies.

Walmart will continue to serve customers through its existing financial services and partnerships with third parties, including Walmart Credit Card, Walmart Money Card, money transfers, installment financing, check cashing, and more.

Previous Article

January 12, 2021

Worldline rolls out Data as a Service platform to boost payment solutions

Read More
Next Article

January 12, 2021

FinTech TradeCore selects Tribe Payments as its issuer processor

Read More










IBSi Daily News Analysis

Tech, Banking, UK

October 07, 2022

United States

Despite massive investments in IT, UK banking customers remain skeptical

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

PENG partners with Ecospend to benefit its small business customers with open banking services

Read More

October 06, 2022

3 innovative FinTech companies based in Norway

Read More

October 04, 2022

CWallet partners with M2P to launch multicurrency cards in Qatar

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022