Walmart has announced it will establish a new FinTech start-up which will offer modern and affordable financial solutions.

The new company will be part of a strategic partnership with FinTech investment firm Ribbit Capital.

The FinTech business will be majority-owned by Walmart, with the board including: John Furner, president and chief exec, Walmart US; Brett Biggs, executive vice president and chief financial officer, Walmart; and Meyer Malka, managing partner of Ribbit Capital.

Walmart anticipates that growth may come through partnerships and acquisitions with leading FinTech companies.

“For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs. And they’ve made it clear they want more from us in the financial services arena,” said John Furner, President and chief executive, Walmart US. “We’re thrilled to work with Ribbit Capital in a new venture to help us deliver innovative and needed options to our customers and associates – with speed and at scale.”

Meyer Malka, managing partner, Ribbit Capital said: “Walmart has a relationship with millions of customers and associates built on trust, security and integrity."

He added: “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.”

Walmart is to continue to service customers through its existing financial services and partnerships with a number of third parties, including Walmart Credit Card, Walmart Money Card, check cashing, money transfers, instalment financing and more.

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