Airfox today announced an exclusive partnership with Brazilian retail giant Via Varejo to extend its mobile financial services to 60 million Brazilian consumers across Via Varejo’s retail locations and e-commerce websites.
Nearly 1,000 of Via Varejo’s Casa Bahia stores will support the Airfox digital banking platform, providing millions of underserved Brazilian families access to Airfox’s affordable financial solutions. With the Airfox app, customers will be able to deposit and withdraw money at any Casas Bahia store or over 200,000+ other offline locations, including post-offices, banks, and ATMs.
Customers will also be able to pay their Casas Bahia CDC “carnês” bill directly through the Airfox app, instead of going to a physical store. CDCs are in-store loans used to purchase large-ticket items like furniture, electronics, and appliances. Via Varejo issues roughly 300,000 new CDCs per month, and currently has an outstanding CDC loan portfolio of roughly $1 billion.
“Our partnership with Via Varejo supports our mission to democratize financial services for the Brazilian population currently underserved by financial institutions.”
Airfox offers a mobile digital wallet that is already accessible in the Brazilian market nationwide and will eventually also be available in other emerging markets. This new collaboration allows Airfox to extend its mobile digital wallet to Via Varejo’s national customer base and drive mainstream adoption.
Present in more than 400 municipalities across 20 Brazilian states and the Distrito Federal, Via Varejo manages nearly 1,000 stores and serves 68% of Brazil’s population. Via Varejo handled sales of approximately $6.3 billion in Brazil last year (USD converted in today’s exchange rate). The company’s 26 distribution centers, in strategic locations throughout Brazil, average 1 million deliveries per month to the homes of its customers.
“Via Varejo shares the values and mission of Airfox. We both have a deep passion for the customer. This partnership will distinguish Via Varejo within the innovation environment and improve the shopping experience of our customers.”
Via Varejo is working to significantly reduce costs using the Airfox mobile platform, while vastly enhancing its customers’ experience. Additional Airfox features include access to microloans, user authentication by biometric facial recognition, QR code charge and payment features, advanced machine learning to assess credit risk from smartphone data, and more.
“Airfox will create an integrated experience for our in-store and online customers with its consumer-driven, innovative technology. This partnership embodies Via Varejo’s forward-thinking strategy in using multichannel purchase and payment options that fit the lives of all our customers.”
Airfox aims to be the industry leading digital bank for Brazilians in classes C-D-E by providing a cost-effective mobile banking experience specifically tailored to the needs of the lower socioeconomic classes. Airfox offers zero fees, cash-back rewards, and in the future will allow cash-based, unbanked entrepreneurs to access micro loans at below-market rates compared to other traditional lenders.
