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03/01/2021

Walmart taps two Goldman Sachs bankers to lead chain’s fintech start-up

Marianne Wilson
Editor-in-Chief
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Walmart’s expansion into finance continues to ramp up with the reported hiring of two heavy hitters.

The retail giant has nabbed a pair of senior bankers from Goldman Sachs to run its still unnamed financial technology start-up, reported Bloomberg. Walmart earlier this year announced plans to develop “tech-driven financial experiences tailored to Walmart customers and employees” in partnership with fintech investment firm Ribbit Capital. 

To lead the effort, Walmart tapped Omer Ismail, a longtime veteran at Goldman and head of consumer business at the company, reported Bloomberg. Also coming from Goldman is David Stark, who inked Goldman’s partnership with Apple Inc., the report said.

Walmart has not revealed many details about the start-up beyond its official announcement back in January. It said back then that the new company’s board would include John Furner, president and CEO of Walmart U.S., and Walmart CFO Brett Biggs. It also said that it may acquire or partner with other fintech companies as part of the venture.