Walmart is launching a new fintech startup company through a partnership with Ribbit Capital, a venture capital firm, where the new startup will offer affordable and innovative financial solutions.
Walmart and Ribbit Capital did not announce the name of the new ventures or a launch date. The board for the new company will include Meyer Malka, a Managing Partner at Ribbit Capital, John Furner, the President and CEO of Walmart, and Brett Biggs, the Walmart CFO. The new company will be majority-owned by Walmart.
"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," said Furner, the president and CEO of Walmart.
Fintech Startup Partnerships
Walmart is Creating a New Venture with Its Partner Ribbit Capital
Trend Themes
1. Affordable Financial Solutions - The new fintech startup aims to offer affordable financial solutions, presenting an opportunity for disruptive innovation in the space of accessible finance.
2. Innovative Financial Services - By partnering with Ribbit Capital, Walmart aims to create a new fintech venture that will provide innovative financial services, presenting an opportunity for disruptive innovation in fintech services.
3. Fintech Partnerships - Walmart's partnership with Ribbit Capital to create a new fintech startup sets a trend for more partnerships between traditional retail corporations and fintech companies, presenting an opportunity for disruptive innovation in the merging of retail and finance.
Industry Implications
1. Financial Technology (fintech) - The collaboration between Walmart and Ribbit Capital is set to create a new fintech venture, representing a disruption in traditional financial services.
2. Retail - Walmart's new fintech venture presents an opportunity for the retail industry to expand into innovative financial services and disrupt traditional banking models.
3. Venture Capital - Ribbit Capital's partnership with Walmart in creating a new fintech startup presents an opportunity for disruptive innovation in the venture capital industry as more corporations look to partner with cryptocurrency and fintech startups.