Magazine Luiza launches its own fintech

Tuesday 17 May 2022 13:30 CET | News

Magazine Luiza, a Brazil-based retail brand, has launched its own fintech called Fintech Magalu.

The new business arm will integrate other financial products and services already offered by Magazine Luiza and is a new step in the company’s strategy of diversifying its portfolio, aiming at user retention and recurrence.

In 2021, the company had already launched a set of financial tools for its sellers, including POS terminals, free digital bank accounts, and credit offers. Now, with Fintech Magalu, Magazine Luiza expands its offer of financial products to the external public and beyond its own ecosystem.

According to Magazine Luiza, Fintech Magalu already has a user base of 16 million customers, including individuals and companies.

Fintech Magalu arrives on the market by launching two new products: a credit card for companies, aimed at more than 160,000 sellers that use Magazine Luiza’s marketplace, and loans for individuals, offered directly on Magalu’s SuperApp.

Still in the trial phase, the credit card for companies will be integrated into a benefits program that allows them to accumulate and exchange points for services offered by Magalu’s ecosystem. The loan solution for individuals is now available and is calculated based on the consumer’s profile analysis. The customer can request a loan through Magazine Luiza‘s app, after the risk analysis process, the credit is available directly on MagaluPay, Magalu’s digital account.

Fintech Magalu is the result of Bit55, Stoq, and Hub Fintech integration, besides adding the Luizacred operation. 

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Keywords: product launch, fintech, retail, financial services, POS
Categories: Banking & Fintech
Companies: Magalu, Magazine Luiza
Countries: Brazil
This article is part of category

Banking & Fintech



Magazine Luiza

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