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Walmart partners with Ribbit Capital to create a new FinTech startup

By Pavithra R

January 12, 2021

  • United States
  • Walmart
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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.

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