Walmart has struck up a partnership with Ribbit Capital - the venture capital firm behind fintech all-stars Robinhood, Affirm, and Credit Karma - to roll out some new, as-yet-unspecified fintech products.
The venture will be majority owned by Walmart.More news: India's top court suspends implementation of new farm laws
The official statement outlined that Walmart will bring retail knowledge to the fintech venture, while Ribbit will help to scale the new business with its financial expertise.
The board includes Furner, Walmart CFO Brett Biggs, and Ribbit Capital's founder and managing partner Meyer Malka. He said the retailer has dabbled in the space with various partners for years but the latest move puts the company squarely in the game to help find innovations that it can apply to its consumer business as well as enhance relationships with smaller online suppliers who could benefit from various financing options.
The new company intends to add independent industry experts to the board and to build a management team of experienced fintech leaders.More news: Lenovo Introduces Think Reality A3 Smart Glass, 5 Virtual Displays, Learning Report
The group already offers some financial services to its larger customers, especially prepaid and rechargeable debit cards and credit cards that offer benefits for any purchases made at Walmart stores. The retailer's fintech flirtation, more specifically, comes after new United States regulations made it easier for non-banks to get into the lending business.
Pushback from public officials was the cause for the retailer to bail on its banking plans.
Walmart has long sought to have a bigger foothold in financial services - interests that can be traced back to at least the 1990s.More news: India complains to BCCI about Brisbane hotel conditions ahead of Gabba Test
Walmart may be taking its global experience to heart as it builds financial services. Walmart serves over 265 million customers globally and is still 2x the size of Amazon when it comes to turnover.