Walmart can improve services such as Walmart+, its answer to Amazon Prime, by building additional financial and e-commerce services. "There's an opportunity for a startup to prove its concept and launch with Walmart and its affiliates and get advice to take their own business to the next level," Crone said. Walmart could support the products offered by any of these businesses, all of which have become more popular during the pandemic. Ribbit has invested in Affirm, Revolut, Earnin, Coinbase and RazorPay.
Ribbit's investment history suggests expertise in several important areas that Walmart will need as it navigates open banking, embedded payments, alternative payroll, crypto and point of sale credit. It recently partnered with the Canadian debit rail Interac to expand debit use in digital shopping, for example. The retailer often adds or enhances its payment or financial services through partnerships. Walmart did not return a request for comment by deadline. The hiring of Ismail and Stark could signal a doubling down on the Walmart Pay strategy. At the same time Walmart has long refused to accept the Apple Pay mobile wallet in stores, favoring its own Walmart Pay app. Walmart's fintech venture combines its retail breadth and scale with Ribbit Capital's fintech expertise. With Ismail and Stark on board, as well as Walmart's recent fintech partnership with Ribbit Capital, Walmart has the power to rapidly innovate in payments and banking, competing with banks in Walmart's exurban and rural footprints, Amazon in e-commerce and Apple in mobile wallets.
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