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Walmart (WMT) Unveils New Fintech Startup With Ribbit Capital
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Walmart Inc. (WMT - Free Report) is well known for its concerted efforts toward strengthening its business as well as enhancing customers’ experience. From making prudent acquisitions to entering into lucrative partnerships, the omnichannel retailer has been doing every bit to keep bolstering its operations. Keeping in line with these practices, Walmart has unveiled a new fintech startup, in alliance with Ribbit Capital, which is a leading fintech investment firm.
The new venture, which will combine Walmart’s retail knowhow and Ribbit’s fintech expertise, is likely to offer tech-driven modern, innovative and reasonable financial solutions suited for customers and workers of the former. Markedly, the new company will be majorly owned by Walmart and is likely to help the supermarket giant cater to its customers’ growing demand in the financial services space.
Apart from this, Walmart will continue serving customers via its other financial services and alliances with several third parties. In this regard, its agreement with Green Dot Corporation (GDOT - Free Report) and partnership with Goldman Sachs (GS - Free Report) are noteworthy. Some of Walmart’s existing financial services include Walmart Credit Card, Walmart Money Card, installment financing, money transfers and check cashing.
Walmart on Growth Track
Walmart has been benefiting from burgeoning demand for essential items amid coronavirus. Further, higher stay-at-home trends are boosting e-commerce sales. Such trends drove the company in third-quarter fiscal 2021, wherein both top and bottom lines cruised past the Zacks Consensus Estimate and grew year over year, reflecting the continued rise in demand across categories amid the pandemic. Notably, Walmart’s e-commerce business and omnichannel penetration have been increasing, all the more amid the pandemic-led social distancing. Further, management expects these trends to stay even after the current crisis dissipates. Certainly, Walmart’s combination of a robust store network and growing digital capacity is likely to keep it in good shape.
The company has long been trying every means to evolve with the changing consumer environment and stay firm amid the growing competition from Amazon (AMZN - Free Report) . In this regard, Walmart has been taking several e-commerce initiatives, including buyouts, alliances, and improved delivery and payment systems. During the third quarter of fiscal 2021, Walmart unveiled an additional investment in India’s Ninjacart, for technology and supply-chain solutions. Further, the buyout of a major stake in Flipkart has been bolstering its International segment. Apart from this, Walmart is making aggressive efforts to expand in the booming online grocery space, which has long been a major contributor to e-commerce sales.
U.S. e-commerce sales soared 79% in the third quarter with strength across all channels, including robust traffic at Walmart.com. Markedly, marketplace and pickup & delivery sales jumped at a triple-digit rate. We believe that such upsides, together with Walmart’s commitment to enriching its financial services, are likely to fuel growth. Impressively, this Zacks Rank #2 (Buy) stock has rallied 27.1% in a year compared with the industry’s growth of 24.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Walmart (WMT) Unveils New Fintech Startup With Ribbit Capital
Walmart Inc. (WMT - Free Report) is well known for its concerted efforts toward strengthening its business as well as enhancing customers’ experience. From making prudent acquisitions to entering into lucrative partnerships, the omnichannel retailer has been doing every bit to keep bolstering its operations. Keeping in line with these practices, Walmart has unveiled a new fintech startup, in alliance with Ribbit Capital, which is a leading fintech investment firm.
The new venture, which will combine Walmart’s retail knowhow and Ribbit’s fintech expertise, is likely to offer tech-driven modern, innovative and reasonable financial solutions suited for customers and workers of the former. Markedly, the new company will be majorly owned by Walmart and is likely to help the supermarket giant cater to its customers’ growing demand in the financial services space.
Apart from this, Walmart will continue serving customers via its other financial services and alliances with several third parties. In this regard, its agreement with Green Dot Corporation (GDOT - Free Report) and partnership with Goldman Sachs (GS - Free Report) are noteworthy. Some of Walmart’s existing financial services include Walmart Credit Card, Walmart Money Card, installment financing, money transfers and check cashing.
Walmart on Growth Track
Walmart has been benefiting from burgeoning demand for essential items amid coronavirus. Further, higher stay-at-home trends are boosting e-commerce sales. Such trends drove the company in third-quarter fiscal 2021, wherein both top and bottom lines cruised past the Zacks Consensus Estimate and grew year over year, reflecting the continued rise in demand across categories amid the pandemic. Notably, Walmart’s e-commerce business and omnichannel penetration have been increasing, all the more amid the pandemic-led social distancing. Further, management expects these trends to stay even after the current crisis dissipates. Certainly, Walmart’s combination of a robust store network and growing digital capacity is likely to keep it in good shape.
The company has long been trying every means to evolve with the changing consumer environment and stay firm amid the growing competition from Amazon (AMZN - Free Report) . In this regard, Walmart has been taking several e-commerce initiatives, including buyouts, alliances, and improved delivery and payment systems. During the third quarter of fiscal 2021, Walmart unveiled an additional investment in India’s Ninjacart, for technology and supply-chain solutions. Further, the buyout of a major stake in Flipkart has been bolstering its International segment. Apart from this, Walmart is making aggressive efforts to expand in the booming online grocery space, which has long been a major contributor to e-commerce sales.
U.S. e-commerce sales soared 79% in the third quarter with strength across all channels, including robust traffic at Walmart.com. Markedly, marketplace and pickup & delivery sales jumped at a triple-digit rate. We believe that such upsides, together with Walmart’s commitment to enriching its financial services, are likely to fuel growth. Impressively, this Zacks Rank #2 (Buy) stock has rallied 27.1% in a year compared with the industry’s growth of 24.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>