The still unnamed company’s board will include John Furner, president and chief executive of Walmart US; Brett Biggs, executive vice president and chief financial officer of parent Walmart; and Meyer Malka, managing partner of Ribbit Capital, according to the statement.
Walmart will hold a majority stake in the venture, according to a statement released after the close of trading Monday.
"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 they’ve made it clear they want more from us in the financial services arena," Furner said in the statement.
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