The largest wholesale and retail chain Walmart will create its fintech startup led by former top managers of Goldman Sachs, The Bell reports citing The Wall Street Journal (WSJ).

Options under consideration include buying a neobank. Nevertheless, the venture doesn’t plan to seek a banking license. Walmart is yet to name the venture publicly.

The startup will be a joint venture with Ribbit Capital, Robinhood Markets and other digital financial businesses but Walmart is the major owner of the business. WSJ sources say the backers have assumed hundreds of millions of dollars in commitments and it is likely to acquire other companies to jump-start the business. The new venture is also part of Walmart’s current strategy to create new sources of profitable revenue.

For decades Walmart has tried various ways to grow its financial services business, but it remains a small piece of the company’s annual revenue.
Walmart launched its own mobile payment service inside its shopping app in 2015, but Walmart Pay hasn’t gained widespread use among Walmart shoppers. Walmart Pay could be used inside Walmart’s stores and the retailer never built a stand-alone app for it.

In the mid-2000s, Walmart asked banking regulators to grant it a charter for an industrial loan company, which would have allowed it to operate a bank unit. After many members of Congress expressed their wariness of Walmart’s plans, the company abandoned the effort in 2007. It partners with banks and startups to offer shoppers financial services.

Walmart Chief Financial Officer Brett Biggs told WSJ that the venture will scale the list of financial services in near future. “Anything we do would be about scaling things we already do. Higher adoption for Walmart Pay is definitely something that fits in with the ecosystem we are trying to build,” he said.

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