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Walmart said Monday that it’s creating a fintech start-up with Ribbit Capital, with plans to develop unique and affordable financial products for Walmart employees and customers. The startup will be majority-owned by Walmart and its board will include several company executives, including its Chief Financial Officer Brett Biggs and Walmart U.S. CEO John Furner. It said it will also name independent industry experts to the board and may acquire or partner with other fintech companies.
“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,” Furner said in a news release. “And they’ve made it clear they want more from us in the financial services arena.”
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