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The store that has everything wants to launch a fintech.

Walmart said on Monday afternoon it was starting a fintech “to develop and offer modern, innovative and affordable financial solutions,” according to a release. 

Details on the venture are vague, outside of the involvement of well-known fintech investor Ribbit Capital — which has backed the likes of Affirm, Robinhood, and Coinbase.

Walmart is no stranger to the world of fintech. It already runs a fintech accelerator — TailFin Labs — with banking-as-a-service provider Green Dot. 

And while it’s unclear what Walmart hopes to do with this unnamed fintech, there is no doubt it’s already in a fantastic position to succeed. The retail giant has millions of customers and employees to target with whatever it’s offering. With customer acquisition costs often a top-of-mind concern for startups, that gives Walmart’s project a massive leg up.

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco. 

Wall Street bonus announcements kick off this week — here’s when Bank of America, Citi, Goldman Sachs, JPMorgan, and Morgan Stanley will divulge the details

The bonuses are coming.

It’s the most wonderful time of the year for those in finance. A time when the pain and stress from the long hours put in all year are forgotten thanks to a healthy direct deposit. 

Year-end compensation will be particularly interesting this time around, as 2020 was such an unusual year. 

We’ve got the full rundown on the entire 2021 bonus-announcement season. 

  Billionaire conservative megadonor Charles Koch is backing a group behind a Supreme Court case seeking to keep charitable donations secret

Click here to read the entire story.

Roblox’s jilted underwriters may still see a payday. Here’s how bankers’ fees are shaking out after gaming startup switched from IPO to direct listing.

Roblox — the video-game company your kids probably know more about than you — announced it is going with a direct listing, not a traditional IPO. With no need for underwriters, that changes the role bankers would traditionally play. Read more about what Roblox’s switch means for Wall Street. 

One-click checkout startup Bolt nabs an Amazon exec to lead its tech

E-commerce continues to boom, leaving many merchants to consider how to make their here. 

Charles Schwab, whose founder and chairman is a major GOP donor, will pause political contributions through the rest of the year

In the wake of last week’s events in Washington, D.C., some financial firms are putting a pause on here. 

How this new hedge fund led by a former WorldQuant and Jefferies executive is uncovering new datasets to avoid the pain that hit quants in 2020

A former WorldQuant exec (Alexander Chernyy) and Jefferies trader (Christopher Dean) have started a new quant hedge fund. Get the full inside scoop on the launch. See more here. 

Odd lots:

KKR Buys Into Producer Ryan Tedder’s Music Catalog …read more

Source:: Business Insider

      

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