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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.

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