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Walmart is creating a fintech startup with Ribbit Capital

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.

Big Tech benefits from Biden’s sweeping immigration actions

Tim Cook and Sundar Pichai praised President Biden's immigration actions, which read like a tech industry wishlist.

Newly-inaugurated President Joe Biden signed two immigration-related executive orders on Wednesday.

Photo: Chip Somodevilla/Getty Images

Immediately after being sworn in as president Wednesday, Joe Biden signed two pro-immigration executive orders and delivered an immigration bill to Congress that reads like a tech industry wishlist. The move drew enthusiastic praise from tech leaders, including Apple CEO Tim Cook and Alphabet CEO Sundar Pichai.

President Biden nullified several of former-President Trump's most hawkish immigration policies. His executive orders reversed the so-called "Muslim ban" and instructed the attorney general and the secretary of Homeland Security to preserve the Deferred Action for Childhood Arrivals, or DACA, program, which the Trump administration had sought to end. He also sent an expansive immigration reform bill to Congress that would provide a pathway to citizenship for undocumented individuals and make it easier for foreign U.S. graduates with STEM degrees to stay in the United States, among other provisions.

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Emily Birnbaum

Emily Birnbaum ( @birnbaum_e) is a tech policy reporter with Protocol. Her coverage focuses on the U.S. government's attempts to regulate one of the most powerful industries in the world, with a focus on antitrust, privacy and politics. Previously, she worked as a tech policy reporter with The Hill after spending several months as a breaking news reporter. She is a Bethesda, Maryland native and proud Kenyon College alumna.

People

Expensify CEO: ‘Most CEOs are not bad people, they're just cowards’

"Remember that one time when we almost had civil war? What did you do about it?"

Expensify CEO David Barrett has thoughts on what it means for tech CEOs to claim they act apolitically.

Photo: Expensify

The Trump presidency ends tomorrow. It's a political change in which Expensify founder and CEO David Barrett played a brief, but explosive role.

Barrett became famous last fall — or infamous, depending on whom you ask — for sending an email to the fintech startup's clients, urging them to reject Trump and support President-elect Joe Biden.

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Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Signal at (510)731-8429.

The failed Visa merger was a lucky break for Plaid

Plaid COO Eric Sager says the deal's collapse won't derail the fintech startup.

In some ways, Plaid stands to benefit after its big deal with Visa fell through.

Image: Jonas Leupe/Unsplash

Plaid spent most of 2020 preparing to be gobbled up by Visa. Heading into 2021, it's going it alone again — and with a potentially higher valuation and newfound freedom from a giant corporation, it might be better off.

If it had gone through, the merger with Visa would have combined a rising star of the fintech revolution with one of the old guards of the financial services industry. But Visa said last week that it was ditching the $5.3 billion deal to avoid a "protracted and complex" legal battle with the Justice Department, which had sued to block what it considered an anticompetitive merger.

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Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Signal at (510)731-8429.

Drip Capital found a way to fund small manufacturers that big banks didn't touch

Manufacturing businesses in India and Mexico might wait 60 days or more for payment. Drip covers that gap without asking for collateral.

Drip Capital helps small and medium-sized businesses in emerging markets to bridge the gap between shipping products and receiving payment from the buyer.

Image: CHUTTERSNAP
Back in 2015, Pushkar Mukewar and Neil Kothari thought they'd hit on a startup killer idea. It turns out, five years later, that they may have — only, at the time, they'd taken it to the wrong market.
As first-time entrepreneurs, the Wharton classmates originally started Drip Capital to provide financing for U.S.-based small businesses that needed capital to produce their products. The pair, who share engineering and finance experience, tried a number of strategies to build out the startup, including attending many trade shows to get face-to-face with potential customers.


But no dice: Their U.S. product wasn't differentiated enough, as one of many options for American manufacturers. Eventually they decided to draw on their family backgrounds and focus on small and medium-sized businesses in emerging markets, where it's harder to get financing to produce products for overseas buyers.

"It's much easier to acquire customers [there] because the cost of acquiring customers is less and those are unexplored markets," Mukewar said.

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Tomio Geron

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 tgeron@protocol.com or tgeron@protonmail.com.

People

Affirm CEO Max Levchin: ‘I see an ocean of opportunities’

The fintech startup's stock soared more than 90% in its IPO debut today.

It was a blockbuster debut for Affirm. The fintech startup's shares soared more than 90% when it went public on Wednesday.

The day itself began quietly for CEO Max Levchin: He kicked it off with a Zoom call with his kids, made a latte for his wife and joined a group chat with some high school friends, one of whom is recovering from COVID-19. "We were very happy to hear that he's doing well," he told Protocol shortly after his startup began trading on the Nasdaq Global Exchange.

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Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Signal at (510)731-8429.

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