Brazilian retailer Through Varejo has acquired Boston-based fintech Airfox, practically two years after the businesses introduced a partnership to supply banking providers to hundreds of thousands of customers within the nation.
Airfox entered a deal in September 2018 to supply its banQi cellular banking app by way of Through Varejo, which serves about 60 million prospects by way of its Casas Bahia and Ponto Frio retail chains, in response to a press launch.
Andre Calabro, monetary director of Through Varejo, will turn out to be CEO of Airfox and banQi, whereas CEO Airfox CEO Victor Santos will transition to chief technique officer, the place he’ll handle product, company technique and engineering.
“I am extremely happy with what AirFox has completed so shortly and without end grateful to our ingenious and devoted workforce members for all their onerous work,” Santos mentioned within the launch. “With Through Varejo’s help, we’ll proceed to steer the cost in leveraging at the moment’s expertise for tomorrow’s options and securing larger monetary inclusion for all.”
In line with Calabro, the banQi app reached a million downloads through the first quarter, noticed a 300% improve in invoice funds and noticed a 117% improve in Casa Bahia CDC carnes, that are in-store loans which might be used for large ticket purchases, like furnishings, electronics or home equipment.