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A new fintech startup is being created by Walmart Inc (NYSE:WMT) and Ribbit Capital. The venture will be majority-owned by Walmart.
The Board of Directors for the new startup will include Walmart U.S. President John Furner, Walmart CFO Brett Briggs and Ribbit Capital Partner Meyer Malka.
The board plans on adding additional independent industry experts to the board to build a team of experts.
“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,” said Furner.
Related Link: Stock Wars: Target Vs. Walmart
Why It’s Important: Over 265 million customers visit the 11,400 stores owned by Walmart and its e-commerce platform on a weekly basis. The company has a presence in 26 countries and its enormous reach could quickly scale this fintech startup. Ribbit was founded in 2012 and has invested in companies like Robinhood, Credit Karma and Affirm.
The new venture will grow through partnerships and acquisitions, according to the press release.
Stock Action: Shares of Walmart are up 1% in after-hours trading to $149.22.
Shares of SPAC Ribbit Leap (NYSE:LEAP) are up 17% to $14.75 in after-hours trading. Ribbit Leap is a SPAC from Ribbit Capital led by Malka, the CEO and Chairman of Ribbit Capital. The SPAC hasn't been confirmed as part of the Walmart partnership.
