Walmart, the American retail giant is planning on launching a fintech platform to penetrate the growing digital financial landscape space. The retailer is partnering with Ribbit Capital who is also a strategic investor in Robinhood, Credit Karma, and Affirm.
The Arkansas-based retailer aims to provide financial services to its huge customer base and existing employees. Walmart serves over 265 million customers in its 11,4200 physical stores along with having nearly 2.2 million employees worldwide.
“Walmart’s offering will be unlike what we’ve seen from fintech startups, with a massive, built-in customer and employee base and the scale to be a formidable competitor right off the bat,” Bankrate’s Chief Financial Analyst, Greg McBride, CFA said.
The pandemic has given a …