alt.bank raises USD 5.5 mln in Series A

alt.bank similarly launched its first financial product in 2019 – a fluorescent-yellow debit card which the locals have dubbed, ‘o amarelinho’, meaning, ‘the little yellow card’.

alt.bank targets the unbanked, designing an app that can be used by the illiterate. Instead of words, users can follow color-coded prompts to complete a transaction. The company also plans to launch credit products soon.

Today, the company’s core offerings include the debit card, a prepaid credit card, Pix, a savings account and even telemedicine visits via a partnership with Dr. Consulta, a network of healthcare clinics throughout the country. In addition to the ongoing commissions, alt.bank has also partnered with three drugstores, allowing their users to get 5-30% off any item at the stores, including medication.