Though details are scarce at the moment, Walmart U.S. CEO John Furner made it clear that there is demand among the retailer's customers for financial services, and Walmart is prepared to deliver. On Monday, the retailer announced that it is founding a financial technology startup with venture capital firm Ribbit Capital. Walmart will own the majority of the startup, and its board will include several of the retailer's executives.
The big-box retailer did not share the name of the new company or say when its services will be available. It said it will develop unique and affordable financial products for Walmart employees and customers.