Under the deal, Airfox will continue to serve as a fintech innovation hub out of its current headquarters and leverage Via Varejo infrastructure to accelerate its mission of bringing more accessible financial services to the underbanked in Latin America.
According to IBS Intelligence, 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 which extends digital transaction capabilities and access to banking services through Via Varejo retail locations in neighbourhoods throughout Brazil with features for buying goods, paying bills, pay booklets, slips, topping up cell phones, recharging public transit cards, and more.
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