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Walmart Stock Is Rising After Launching a Fintech Start-up

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Walmart said it’s forming a start-up with Ribbit Capital to offer affordable financial services for customers and employees.
Nicholas Kamm/AFP via Getty Images
Walmart
is diving into the fintech space, and it’s teaming up with one of the venture-capital firms behind Robinhood.
The retail giant said it’s forming a start-up with
Ribbit Capital
to offer affordable financial services for customers and employees. It will be majority-owned by Walmart and include two of its executives on its board, along with
Meyer Malka,
managing partner of Ribbit Capital, and industry experts.
Ribbit’s portfolio includes retail investing app Robinhood, credit score monitor Credit Karma, and payment plan firm Affirm. Walmart said the service, which hasn’t been named publicly, will combine its retail expertise with Ribbit’s fintech know how. ....

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Walmart Creates Fintech Partnership With Ribbit Capital

Walmart Creates Fintech Partnership With Ribbit Capital
New fintech startup will be majority-owned by Walmart
Walmart said that it anticipates growth for the new venture may come through partnerships and acquisitions with leading fintech companies.
Photo:
Cedar Attanasio/Associated Press
By
Adriano Marchese
Jan. 11, 2021 7:19 pm ET
Walmart Inc. said Monday that it has joined with investment firm Ribbit Capital to create a new fintech startup to further expand its financial-services offerings.
The new company will be majority-owned by Walmart, and the board will include Chief Executive of Walmart U.S. John Furner, Executive Vice President and Chief Financial Officer Brett Biggs, as well as Meyer Malka, managing partner of Ribbit Capital. ....

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Is Walmart Getting Into Wealth Management?

The retail giant says its joint venture with Ribbit Capital, a Robinhood backer, will develop and provide affordable financial services. ....

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