Walmart is boosting its financial startup with additional funding, valuing the venture at $2.5 billion. The retail giant, in partnership with Ribbit Capital, is leading a financing round exceeding $300 million for the company named One, where Walmart holds a majority stake. This move underscores Walmart's ambitions in the financial services sector, leveraging its vast customer base and resources.
Walmart's strategy highlights a growing threat to traditional financial institutions, as noted by JPMorgan Chase CEO Jamie Dimon, who recognized the competitive advantage of companies like Walmart. By collaborating with Ribbit Capital, known for investments in fintech successes such as Coinbase, Revolut, and Robinhood, Walmart aims to establish a significant presence in financial services.
