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Ribbit Capital is the venture capital firm behind companies such as Robinhood, Affirm and Credit Karma, the retail giant said Monday.
The new venture will bring together Walmart's massive retail scale with Ribbit Capital's expertise in new financial technology. Walmart will own a majority stake in the company, which will offer products and services targeting Walmart customers and employees.
Walmart already has existing financial products, which are offered with partners, such as Walmart Credit Card and Walmart Money Card.
The new startup's board will include John Furner, president and CEO of Walmart U.S.; Brett Biggs, executive vice president and CFO of Walmart; and Meyer Malka, managing partner of Ribbit Capital.
Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. Before that, he worked as a staff writer at Forbes, covering social media and venture capital, and also edited the Midas List of top tech investors. He has also worked at newspapers covering crime, courts, health and other topics. He can be reached at email@example.com or firstname.lastname@example.org.