The details of Walmart’s new fintech startup are scarce. The Bentonville, Arkansas-based company did not disclose the name of the new entity, specific services or a launch date.
The retailer said the strategic partnership “will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates.”
The startup will be majority-owned by Walmart and its board will include Furner, Walmart Executive Vice President and CFO Brett Biggs and Meyer Malka, managing partner of Palo Alto, California-based Ribbit Capital.
Walmart said its plans to add independent industry experts to the fintech’s board and build a management team of experienced fintech leaders. The company also plans to grow the startup through partnerships and acquisitions with fintech companies.
Source: Retail Dive