Walmart and Green Dot will collectively create a new financial technology accelerator, which is named Tailfin Labs. Tailfin Labs was created to join the worlds of retail and consumer-focused financial technology. The new agreement for Walmart and Green Dot will officially start at the beginning of 2020. The two companies first entered into a partnership in 2006 to create the Walmart MoneyCard.
The Green Dot CEO, Steve Streit, stated that between Walmart's retail expertise and Green Dot's BaaS platform, the two organizations should be poised for success.
The new accelerator is positioned as a modern financial service, with a user-friendly mobile interface. As more people are moving away from traditional banking services, Walmart and Green Dot's new service could interest consumers seeking accessibility and convenience.
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