The company will be majority-owned by Walmart, according to information

Walmart announced the launch of new fintech startup. Source: shutterstock.com

Walmart has announced the launch of a new fintech startup dedicated to developing and offering modern and affordable financial solutions.

The new company is a strategic partnership with the financial technology investment firm Ribbit Capital. The enterprise will combine Walmart’s retail expertise and scale with Ribbit’s fintech expertise. It will be made to deliver a technology-driven financial experience adapted to Walmart customers and partners.

The board will include John Furner, President and Chief Executive Officer of Walmart US; Brett Biggs, Executive Vice President and Chief Financial Officer at Walmart; and Meyer Malka, Managing Partner at Ribbit Capital.

The company is going to increase its growth by adding independent industry experts to the board of directors and by forming a management team of experienced financial technology leaders.

We’ve reported that Walmart customers can now return items without leaving home.

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