(Reuters) – U.S. retail chain Walmart Inc said on Monday it entered a strategic partnership with investment firm Ribbit Capital to create a new fintech startup.
The startup, which will be majority owned by the world’s biggest retailer, expects growth through tie-ups and acquisitions with other fintech firms, Walmart said in a statement.
Ribbit Capital’s current investment portfolio includes mobile investment platform Robinhood and consumer technology platform Credit Karma.
(Reporting by Praveen Paramasivam in Bengaluru and Melissa Fares in New York; Editing by Devika Syamnath)
