What happened and why US giant retailer, Walmart, is going into business with Ribbit Capital, one of the venture capital firms behind Robinhood, in a quest to claim more of the thriving “financial services game". Together they’ll embark on a journey to build a fintech proposition for Walmart-lovers. 🎤 In a recent press release, Walmart US CEO, John Furner emphasised: “For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs”, and it’s time to take it to the next level. They haven’t let us in on the details just yet:Call it… well, we’re not sure: The name and release date for its services are still kept under lock.Glimpses into the future: The “new-born” fintech will be offering Walmart employees and customers cost-efficient and unique financial products. 🔍 Market analysis… Data from the Federal Reserve points out that 6% of US adults are still strangers to savings or checking accounts, with sixteen percent having opened a bank account, but still relying on proxy financial solutions such as payday loans, pawn shops or money orders, which can easily become expensive options. Walmart finds itself in a favourable position to reach them, having almost 5k shops open around the US and servicing millions of customers. No first timers… Walmart has been testing the financial waters for a while now with the release of the Walmart Money prepaid debit card and the payment plan offered to customers in need. On the other side, Ribbit Capital has already shown much love to the fintech ecosystem, supporting and investing in financial technology startups such as Credit Karma & Robinhood. The takeaway Walmart is just one of the giant companies joining the fintech trend. And it’s already gathering the benefits. After the news surfaced, Walmart’s share price grew by 1.5%. On top of that, the retailer will own a decisive majority of the fintech, bringing its own executives and other industry specialists as members of the startup's board.