| 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. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.
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. Click here to read the entire story.
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