The store that has everything wants to launch a fintech.
Walmart said on Monday afternoon it was starting a fintech "to develop and offer modern, innovative and affordable financial solutions," according to a release.
Details on the venture are vague, outside of the involvement of well-known fintech investor Ribbit Capital - which has backed the likes of Affirm, Robinhood, and Coinbase.
Walmart is no stranger to the world of fintech. It already runs a fintech accelerator - TailFin Labs - with banking-as-a-service provider Green Dot.
And while it's unclear what Walmart hopes to do with this unnamed fintech, there is no doubt it's already in a fantastic position to succeed. The retail giant has millions of customers and employees to target with whatever it's offering. With customer acquisition costs often a top-of-mind concern for startups, that gives Walmart's project a massive leg up.
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It's the most wonderful time of the year for those in finance. A time when the pain and stress from the long hours put in all year are forgotten thanks to a healthy direct deposit.
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We've got the full rundown on the entire 2021 bonus-announcement season.
Click here to read the entire story.
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Odd lots:
KKR Buys Into Producer Ryan Tedder's Music Catalog (WSJ)
Intercontinental Exchange's digital asset marketplace Bakkt to go public via SPAC (BI)
Ex-Credit Suisse chief Tidjane Thiam to launch blank cheque vehicle (FT)