Brazil-based retail company Via Varejo has announced acquiring the US-based fintech startup Airfox.
According to IBS Intelligence, under the transaction deal, Airfox will continue to serve as a fintech innovation hub out of its current headquarters and leverage Via Varejo’s infrastructure to bring more accessible financial services to the underbanked in LATAM, as Via Varejo serves 60 milion customers through nationwide retail chains Casas Bahia and PontoFrio.
Moreover, the acquisition is built on the existing partnership between the companies, under which the Airfox team developed and launched its free banQi digital banking app. banQi is a mobile banking platform that facilitates consumers’ access to their funds and building wealth.
The app has no-cost digital transaction capabilities and enables access to banking services through Via Varejo’s retail locations in neighbourhoods throughout Brazil, including features for buying goods, paying bills, pay booklets, topping up cell phones, recharging public transit cards, and more, IBS Intelligence reported.
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