Walmart-backed fintech company valued at $2.5 billion, traditional banking industry faces threats

Walmart is injecting more funds into its nascent financial startup, giving the company a valuation of $2.5 billion and indicating its ambition to further enter the financial services industry. According to insiders, the world's largest retailer is leading a financing round of over $300 million 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 numerous customers and employees to gain a larger foothold in the financial services sector. For the financial industry, the threat posed by companies like Walmart encroaching on its territory is becoming increasingly imminent. Just last year, JP Morgan CEO Jamie Dimon mentioned the competitive threat from companies like Walmart, pointing out that their hundreds of millions of customers and vast disposable resources represent an "extraordinary competitive advantage."