Progress Financial may not be directly affiliated with Walmart, but a Bloomberg story this week reveals the companies are connected in some interesting ways.
According to the article, Progress Financial Corp. serves as a vehicle to extend credit to many of the Walmart’s customers, even thought the lender of small loans is said to have no direct relationship with the retailer. Nevertheless, Progress is a financial institution focused on serving Hispanic customers who don’t have bank accounts, a constituency Walmart has long indicated represents one of its core customer segments. And the company is run by a former Wal-Mart executive, a Wal-Mart director sits on the lender’s board, and the Walton family’s venture capital firm is the lender’s largest shareholder, according to Bloomberg. To read more click here.