May 7, 2014
Recently, WalMart announced a new service that would cut transaction fees for its low income customers by nearly 50% in comparison to other offerings. The retail giant has definitely been busy in the payments industry over the last couple of years. Now according to WSJ, Walmart for the first time in 10 years has overtaken Amazon with its online sales growing faster over the last year.
WalMart also recently acquired Adchemy as well as 60 of its employees in a bid to catch up to Amazon.WalmartLabs called the deal its biggest yet in terms of talent. Since it was founded in 2004, Adchemy had raised around $120 Mn through investors including MayfieldFund, Microsoft and August Capital.
Getting to where we are today has been quite a ride, stated WalMart’s blog post. Several years ago we realized that to scale e-commerce to Walmart’s 245 million weekly customers around the world, we needed world-class talent and agile teams that could develop innovative and scalable technologies. We set forth to recruit, acquire and integrate the best technologies and talent in Silicon Valley.