Walmart has recruited two prominent financial executives to run its recently-announced fintech startup.
In January 2020, Walmart announced its plans to launch a fintech startup with Ribbit Capital, aimed at providing financial solutions for the retailer’s customers. Details on what the startup will be doing, or what it will be named, are limited.
However, Walmart is building out its team for the fintech, bringing on Goldman Sachs partners Omer Ismail and David Stark. The Wall Street Journal and Bloomberg reported that Ismail, who headed Goldman’s U.S. consumer banking division, will be heading up the fintech.
Ismail oversaw the personal banking initiative, Marcus by Goldman Sachs, as well as the Apple Card. According to Crain’s New York, Ismail was hand-selected to grow the consumer banking division from the ground-up.
Stark also served in a leadership role with the launch of Marcus and was recently appointed to lead large partnerships for Goldman, according to Reuters.
This is the latest move in the financial sector for the world’s largest retailer. Walmart has attempted to acquire an industrial bank multiple times, dating back to 1999, according to reporting by Forbes. However, the company has continued to make plays in the financial sector, launching Money Centers in Walmart stores, offering checking accounts and more.