Walmart and Green Dot establish shopping and fintech accelerator

Walmart and Green Dot establish shopping and fintech accelerator

Walmart and Green Dot are to create an accelerator for startups sitting at the intersection of retail shopping and consumer financial services.

The Walmart majority-owned fintech accelerator, dubbed Tailfin Labs, intends to expand upon the retailer's current suite of omnichannel retail shopping tools by tapping fintech innovations built atop of Green Dot’s Banking-as-a-Service platform.

The news comes as the US retail giant extends it deal with Green Dot as the issuing bank and programme manager for the Walmart MoneyCard by a further seven years.

The Walmart MoneyCard was created by Walmart and Green Dot in 2006, and in many ways can be viewed as a precursor to the ongoing neo bank trend. It offers cash-back rewards on Walmart purchases, as well as early direct deposit, online bill pay, prize savings, and almost all of the features that one would expect from a traditional checking account.

Daniel Eckert, SVP, Walmart Services and Digital Acceleration, says: “With this expanded relationship, and by leveraging Walmart’s footprint and existing offerings with Green Dot’s cutting-edge capabilities, we’ll be uniquely positioned to offer an unmatched set of customer experiences that sit at the nexus of omni-channel retail and tech-enabled financial services.”

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