US retail giant, Walmart, is planning the launch of its own fintech start-up with the help of Ribbit Capital.
Walmart says the new firm will offer “modern, innovative and affordable financial solutions”. John Furner, president and CEO of Walmart US, will join the new venture’s board.
“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,” he says.
Furner adds customers have “made it clear” they want more from Walmart when it comes to financial services.
Meyer Malka, managing partner at Ribbit Capital, is joining the new start-up’s board. He says Walmart has a relationship with millions of customers built on trust.
Malka says the combination of Ribbit’s fintech knowledge and Walmart’s reach can create “financial offerings that are second to none.”
Walmart hasn’t outlined a launch timeline for the unnamed start-up. In the meantime it continues to operate its existing financial services partnerships.
These include Walmart Credit Card, Walmart Money Card, cheque cashing, money transfers, and instalment financing.