(March 2021)

Walmart (WMT) is synonymous with most consumers for their household products, but the retail giant is expanding its frontier of offerings. Walmart hired Omer Ismail and David Stark from Goldman Sachs as part of their new Fintech subsidiary. Ismail and Stark worked for Goldman in their consumer banking business platform called Marcus which brought retail customers higher interest rates on deposits. Walmart plans to launch the retail company with Ribbit Capital. Ribbit is the venture capital firm that helped fund Robinhood, which has brought many retail investors to the stock market and was a major figure in the GameStock frenzy. Walmart believes it leverages its retail investor knowledge with Ribbit’s fintech expertise to make a major statement. Walmart already offers a variety of fintech and banking services: credit cards, cashing checks, money transfers, and financed installments. Walmart’s retail customer base is enormous and could be a game-changer in fintech.

(New York)

FINSUM + Magnifi: Walmart has already proven itself in small-scale banking practices. If regulators don’t make it too difficult the retail goods distributor could provide access to banking services to many Americans. 


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