Walmart unveils new fintech startup in partnership with Ribbit Capital
Mega-retailer Walmart has founded a financial services-focused fintech startup alongside Ribbit Capital, an investor of fintech firms, according to a Monday announcement.
The as-yet-unnamed startup will be centered around "modern, innovative and affordable financial solutions," according to a press statement.
The startup's board will include Ribbit managing partner Micky Malka, Walmart U.S. CEO John Furner and Walmart CFO Brett Biggs.
Walmart's press statement pointed to a future of acquiring other services, indicating that "growth may come through partnerships and acquisitions with leading fintech companies."
"When we combine our deep knowledge of technology-driven financial businesses and our ability to move with speed with Walmart's mission and reach, we can create and deliver financial offerings that are second to none," Malka said in a statement. According to Crunchbase, Ribbit has raised a total of $1.3 billion across 11 different funds.
How cryptocurrencies or blockchain technology might potentially fit into the mixture remains to be seen. As previously reported, Walmart has sought patents related to use cases in the digital currency arena, including one that outlines a kind of USD-pegged stablecoin. Walmart has also taken part in pilot programs involving the use of blockchain for product tracing.