Walmart (WMT), the world's largest retailer, announced on Monday that it is launching a financial technology (fintech) startup in partnership with Palo Alto, Calif.–based venture capital firm Ribbit Capital, a backer of Robinhood, Credit Karma and Affirm.
The new fintech company, which will be majority-owned by Walmart, aims to “develop and offer modern, innovative and affordable financial solutions” targeting Walmart's customers and employees.
"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," Walmart U.S. CEO John Furner said in the release.
The board includes Furner, Walmart CFO Brett Biggs, and Ribbit Capital's founder and managing partner Meyer Malka. The startup, which has yet to be named, will add more board members and hire a management team. The new company expects to grow through acquisitions and partnerships.
“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,” Malka said in a statement.
As the world's largest retailer, more than 265 million customers visit Walmart each week worldwide across its 11,500 stores in 27 countries and its e-commerce websites. In the U.S., Walmart has a fleet of nearly 5,000 stores, with 90% of the U.S. population living within 10 miles of a location.
Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter.