Walmart Creates Fintech Startup, Speeding Push Beyond Retail
In a bid to better leverage its millions of customers, retail giant Walmart Inc. created a fintech startup to win more of their spending. The company has formed a partnership with Ribbit Capital, an investor in stock-trading platform Robinhood, to start a venture that “will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates,” according to a statement. Financial technology, or fintech, companies aim to give consumers ways to save, borrow and invest online or via phone without dealing with a traditional bank. Walmart will own a majority of the new venture, but didn’t provide more specific details. Read more at Bloomberg.