If Walmart‘s (NYSE: WMT) latest plans are realized, the retailing giant will become a presence in the hot fintech industry, too. The company announced Monday that it has created a start-up company to, in its words, “develop and offer modern, innovative, and affordable financial solutions.”
Walmart is doing so in collaboration with Ribbit Capital, a venture capital firm that is perhaps best known for backing Robinhood, the popular next-generation online securities brokerage. The new company, the name of which hasn’t been divulged, will have Walmart as its majority owner. Walmart CEO John Furner will serve on its board, as will Ribbit’s managing partner Meyer Malka.