Retail giant Walmart on Monday announced it is partnering with venture capital firm Ribbit Capital, backers of consumer financial firms such as Credit Karma, to create a new fintech firm that will be majority owned by Walmart and that will offer "modern, innovative and affordable financial solutions."
Walmart, which already has its own credit card, and a Money Card, and its own check cashing, money transfers, and installment financing, said that "millions of customers have put their trust" in the company to "help them manage their financial needs."
The exact offering of the startup company is not disclosed; in fact, there's no name even mentioned for the venture. Walmart notes that the company will have a board of directors that includes Walmart's CEO, John Furner, and also the company's CFO, and Meyer Malka, managing partner at Ribbit.
Walmart said that "it anticipates that growth may come through partnerships and acquisitions with leading fintech companies." The company promised to "create and deliver financial offerings that are second to none."
Ribbit, founded by Malka in 2012, has made a total of 75 investments in that time, including mobile-oriented stock brokerage Robinhood Markets, mobile financial services firm Revolut, and auto insurance firm Root Insurance, which went public last fall.