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The CNI Xiangmi Lake Fintech Index valuation of Walmart-supported fintech companies reaches 2.5 billion USD, traditional banking industry faces threats.
Walmart is injecting more funds into its newly launched fintech startup, leading to a valuation of $2.5 billion for the company, indicating its ambition to delve further into the financial services industry. According to sources, the world's largest retailer is leading a financing round of over $0.3 billion in partnership with investment firm Ribbit Capital. This marks a new valuation for the company named One, in which Walmart holds a majority stake. Walmart has been providing products to many customers and employees to gain a stronger foothold in the financial services sector. For the financial industry, companies like Walmart are encroaching on their territory.
