Walmart to Launch FinTech Firm with Ribbit Capital Walmart to Launch FinTech Firm with Ribbit Capital
Walmart storefront

Walmart to Launch FinTech Firm with Ribbit Capital

One of the nation’s largest and most iconic retailers is about to enter this FinTech field. This week, Walmart announced that it would be launching a financial technology startup alongside venture capital firm Ribbit. While no details about a name or debut for the company were revealed, the goal of the off-shoot will be to “deliver tech-driven financial experiences tailored to Walmart’s customers and associates.”

While this development may seem a bit out of left field, Walmart actually has some experience in financial services as well as technological advancements. For example, several Walmart locations offer cash checking, prepaid debit card options, the ability to deposit cash into a PayPal account, and more. Additionally, the company operates its proprietary mobile payment service Walmart Pay and recently expanded its Mobile Scan & Go feature to Walmart+ customers after testing the technology at Sam’s Club warehouses. As for Ribbit Capital, they’ve been one of the top FinTech investment firms in recent years, with a portfolio that includes Upgrade, Revolut, Robinhood, Credit Karma, and many others.

The new company will be majority-owned by Walmart, with Walmart U.S. President and CEO John Furner as well as Walmart EVP and CFO Brett Biggs sitting on the Board of Directors alongside Ribbit Capital Managing Partner Meyer Malka — with plans to expand this board to include industry experts. Notably, in addition to bringing FinTech leaders on board the new company, it also mentions that growth will come through both partnerships and acquisitions. Meanwhile, Walmart intends to maintain its current services and partnerships, including the Walmart Credit Card from Capital One) and the Walmart Money Card from Green Dot.

In a press release, Furner said of the new venture, “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. And they’ve made it clear they want more from us in the financial services arena. 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.” On the other end, Malka said of working with Walmart, “Walmart has a relationship with millions of customers and associates built on trust, security and integrity. When we combine our deep knowledge of technology-driven financial businesses and our ability to move with speed with Walmart’s mission and reach, we can create and deliver financial offerings that are second to none.”

Even with few details to judge this offering on, it certainly seems like a big deal. The combination of Ribbit and Walmart makes for a potential Goliath that could easily snap up some significant players in the FinTech market. Of course, the big question is what they’ll do with them afterward. With that, we’ll be paying close attention to what becomes of this endeavor.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...