Business

Walmart to create fintech startup with Ribbit Capital

The startup, which will be majority owned by Walmart, expects growth through tie-ups and acquisitions with other fintechs

Photo: REUTERS/Kamil Krzaczynski/File Photo
  • Ribbit Capital’s current investment portfolio includes mobile investment platform Robinhood;
  • The startup will be majority owned by the world’s biggest retailer.

U.S. retail chain Walmart said on Monday it entered a strategic partnership with investment firm Ribbit Capital to create a new fintech startup.

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The startup, which will be majority owned by the world’s biggest retailer, expects growth through tie-ups and acquisitions with other fintech firms, Walmart said in a statement.

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Ribbit Capital’s current investment portfolio includes mobile investment platform Robinhood and consumer technology platform Credit Karma.