Airfox launches banQi challenger bank in Brazil

June 6, 2019

Airfox, a Boston-based fintech, announced the launch of banQi, a challenger bank in Brazil that is aimed at 50 million consumers who cannot afford or access a traditional financial institution.

The bank, developed in partnership with retailer Via Varejo, will offer banking, bill payment and other services through 1,000 physical locations in local neighborhoods across the country. The retailer has about 50 million customers.  

"Trust between people and institutions is the key to financial inclusion and social development," said Victor Santos, founder and CEO at Airfox. "Airfox is shifting the financial paradigm in emerging markets by providing the underserved and those lacking traditional credit history with access to free, democratic financial solutions that are built on inclusion and trust."

The retailer operates in 400 cities across the country through its Casas Bahia stores, and the partnership will allow users to make deposits and make monthly payments on their Casas Bahia carnes, which is a micro finance program that allows customers to make monthly payments on purchases.

Airfox plans to rollout a debit card with 1% cashback on transactions starting this summer.

Topics: Mobile Apps, Mobile Banking, Region: Americas

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