Walmart to create fintech startup with Ribbit Capital
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FILE PHOTO: Walmart's logo is seen outside one of the stores ahead of the Thanksgiving holiday in Chicago, Illinois, U.S. November 27, 2019. REUTERS/Kamil Krzaczynski/File Photo
(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)
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