Walmart Makes Fintech Move

On Monday, January 11, the American retailer created a startup that specializes in financial technologies or created "Fintech" to provide its services to the company's customers and employees.

"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".

The fintech start-up will be majority-owned by Walmart and its board will include several company executives, including Chief Financial Officer Brett Biggs and Walmart U.S. Chief Executive Officer John Furner. Contacted by HomeWorld Business, a Walmart spokesperson said specific details about what financial services the partnership would offer are not yet available. "And they've made it clear they want more from us in the financial services arena". Walmart said it will also name independent industry experts to the board and may acquire or partner with other fintech companies. It plans to grow through partnerships and acquisitions with leading fintech firms.

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Founded in 2012, Ribbit has invested in some high-profile Fintechs including Affirm, Credit Karma and Robinhood. That, combined with spending in its stores, its credit and prepaid cards, and seeing foot traffic to bank branches in its locations, means Walmart has access to a trove of information about the ways consumers manage their finances. The retailer's fintech flirtation, more specifically, comes after new U.S. regulations made it easier for non-banks to get into the lending business.

"Walmart can benefit from this move into more services and it will be interesting to see the applications that come out of the new startup. We will use our partners to roll out new products". The amount of customers creates a powerful incentive for Walmart to provide financial services.

With more than 5,000 stores globally, Walmart interacts with millions of customers each year - including some who don't have a relationship with a bank or a financial advisor.

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