Techstars alumn Airfox (Boston, USA) provides a digital wallet and aims to serve especially the underbanked population of Brazil, now also via the retail network of Via Varejo. The latter company has acquired Airfox for an undisclosed amount. Together the companies have already created “banQi,” a mobile banking app that supports transactions at Via Varejo retail stores Casas Bahia and PontoFrio, that serve over 60 million customers. Via Varejo already has a credit portfolio of $100 billion, and sees great potential to manage and distribute these credits via the infrastructure provided by Airfox. Airfox will also operate as the groups fintech innovation hub, remaining in Boston. Retail offers a great opportunity in Brazil to distribute banking services at much lower costs than local traditional banks.
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