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Walmart to create fintech startup with Ribbit Capital

Reuters
Walmart's logo is seen outside one of the stores in Chicago

(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)