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Walmart Taps Goldman Talent for Fintech Project: Reports

As it looks to put together a new finance technology startup, retail giant Walmart is hiring top talent at Goldman Sachs, according to a report by Bloomberg.

The retailer is reportedly tapping Omer Ismail, who leads Goldman’s consumer bank, and his colleague David Stark, to join its effort with investment firm Ribbit Capital.

The reports by Bloomberg and the Journal both relied on anonymous sources said to be knowledgeable about the talks.

In early January, Walmart revealed it was creating a “fintech” startup and that the venture with Ribbit Capital would “bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise.”

Walmart will own the majority of the venture, and its board will include CEO John Furner, CFO Brett Biggs, as well as Meyer Malka, managing partner of Ribbit Capital.

Ribbit was founded in 2012 and its portfolio includes Robinhood.

A partner at Goldman Sachs, Ismail played a role in launching the firm’s consumer business, according to his LinkedIn profile. He also spent a decade in private equity investing at Goldman, where he “focused on investing in technology-enabled businesses in the financial services, media and healthcare sectors,” according to his profile.

He grew up in Karachi, Pakistan and attended Dartmouth College and Harvard Business School.

Stark is also a partner at Goldman, where he’s spent more than five years after a long career at Citigroup , according to his profile on LinkedIn.