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Walmart and Robinhood Parent Team to Launch Fintech Startup

 

Walmart is teaming with Ribbit Capital, parent of the Robinhood investment platform, on a fintech startup.

“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,” Furner said in the statement. We’re thrilled to work with Ribbit Capital in a new venture to help us deliver innovative and needed options to our customers and associates – with speed and at scale,” he added.

Shares of Walmart, the Bentonville, Ark., retail giant, at last check rose $3.25, or 2.2%, to $150.54.

Ribbit is the Palo Alto, Calif., venture-capital firm. The Robinhood trading platform has surged in popularity over the past year, particularly among younger people new to investing. It’s been credited by some with helping to spur speculative fever in U.S. markets in recent months.

Stocks closed generally lower Monday, as the House of Representatives moved forward with a second impeachment of President Donald Trump, following last week’s failed insurrection at the U.S. Capitol.