Fintech
Airfox Teams with Mastercard and Zurich Insurance in Digital Banking Service Expansion
Airfox, a startup providing transformative financial services to emerging markets, today announced a partnership with Mastercard Brazil that vastly extends the availability of affordable and cost-free banking solutions with 1% cashback to customers. Building its digital challenger bank built on the principles of financial inclusion and trust, Airfox has secured three additional major partnerships — Mastercard, Cielo, and Zurich Insurance — that expand on its existing partnership with Brazil retail giant Via Varejo. The new Airfox contracts exceed US$77 million(BRL$300 million).
“By combining Via Varejo’s expertise in financial services with Airfox’s advanced technology, we are able to offer our customers even more ease and convenience,” said Felipe Negrão, chief financial officer, Via Varejo. “With Airfox, we are developing financial solutions that add value to deliver a seamless experience for banQi customers.”
Fintech evolution
Targeting emerging economies, Airfox is successfully executing on a mission to shift the financial paradigm toward greater inclusion with banQi, it’s free and flexible Brazillian banking service designed to accommodate every socioeconomic status. Leveraging new partnerships with Mastercard, Cielo, and Zurich Insurance, Airfox is enhancing and extending banQi functionality to provide greater financial services access to enormous and chronically underserved populations in Brazil.
Airfox worked with strategic partner Via Varejo, a leading Brazilian retailer, to evolve its digital wallet into a challenger bank announced on June 5, 2019. According to Reuters: “Stocks in Sao Paulo climbed 0.6% on broad-based gains last week. Electronics and appliance retailer Via Varejo was the top gainer, up 4%, after it launched a digital bank on Wednesday targeting low-income clients in partnership with Boston-based startup Airfox.”
In partnership with Mastercard Brazil, banQi clients will have access to digital and physical prepaid cards that can be used for online and offline purchases. Unlike traditional debit and credit cards, customers can qualify for banQi without a formal credit history and do not need to open a bank account at a brick-and-mortar establishment. Available fall 2019, the Airfox Mastercard feature will also make cash more conveniently accessible by allowing banQi clients to withdraw cash directly from most ATMs in Brazil.
“This strategic partnership with Airfox provides not only convenience and secure transactions, but also financial and digital inclusion for a portion of the population that doesn’t have access to financial and digital services,” said João Pedro Paro Neto, president of South America and Brazil, Mastercard.
Later this year, Airfox’s digital challenger bank will be available in all 800+ Casas Bahia stores across Brazil. banQi clients will have the ability to deposit and withdraw money at any of Via Varejo’s Casas Bahia stores located in 400 cities. The Airfox cash-back Mastercard provides users with an easy and straightforward way to recoup 1% of everything they buy. To help banQi clients build savings effortlessly, customers also will earn cashback on money stored in their banQi digital wallets.
“At present, those without bank accounts face daily financial challenges,” said Victor Santos, chief executive officer and founder, Airfox. “Generally, the poorer you are, the more you pay for financial services and the less access you have to wealth-building instruments. Today’s largely digital world presents an opportunity to balance that inequity — and banQi services represent a leap in the right direction.”
Mobile payment partnership
Airfox also announced a partnership with Cielo, Latin America’s largest credit and debit payment processor that covers 99% of Brazilian territory. The partnership with Cielo enables banQi clients to pay for purchases via mobile device using QR codes. “For Cielo, this is a big step in our mission to be more inclusive,” said Paulo Caffarelli, president, Cielo. “The QR code acts as a barcode, which banQi users can scan with their smartphones to pay for purchases instantly.”
The banQi platform integrates with more than 1.2 million convenient Cielo point-of-sale (POS) locations in stores and retailers across Brazil. In addition to simplifying payments, banQi also offers cashback on purchases made via Cielo QR codes. “Providing convenience and choice to the financially underserved is in our Airfox DNA,” said Gustavo Ribeiro, president of Brazil, Airfox. “With the Cielo partnership, Airfox is giving our clients instant access to more than one million merchants all over the country.”
Accessible insurance for emerging economies
“This opportunity sets the stage for Airfox to supply customers with an innovative way to purchase insurance via the banQi mobile application, allowing more people to access and benefit from insurance services,” said Douglas Lopes, global financial advisor, Airfox.
Zurich Insurance, one of the world’s largest and most progressive insurers, already holds a multi-year partnership with Via Varejo to bring a diverse portfolio of digital insurance products to banQi customers — such as lending insurance, unemployment insurance, mobile phone insurance, and life insurance. With growth-enabling regulation increasing insurance penetration in emerging markets, Airfox seized on the opportunity to extend a social safety net for its banQi community.
“Insurance is extremely important to safeguard the material achievements of individuals in this segment, and the digital platform will help broaden the reach to that sort of protection,” said Edson Franco, chief executive officer of Brazil, Zurich Insurance.
banQi: The digital challenger bank for all Brazilians
In Brazil, anywhere from 10–25% or more of an average person’s income can go towards banking-related expenses every month. To accelerate financial inclusion, Airfox aims to provide an array of financial services at a fraction of the cost of traditional banks, using three complementary core technology pillars: blockchain, machine learning, and mobile. banQi is intended to provide free and simple financial services to all Brazilians.
banQi is the only digital bank in Brazil launching 1,000 offline physical “bank branches” in Casas Bahia stores to reach the underserved in local communities. With 80,000 downloads of the Airfox app via Google Play prior to banQi rollout, Airfox has successfully differentiated itself from competitors by establishing global and hyperlocal partnerships that conveniently integrate Airfox into the day-to-day lives of its customers (with more coming soon). Over the next six months, Airfox plans to grow its teams in both Boston and Brazil to execute on its mission of providing high-quality, no-cost financial services to millions of Brazilians.
“These high-impact partnerships and accessible service enhancements represent strategic milestones toward achieving our goal of extending financial inclusion to millions globally,” added Victor Santos. “Today Brazil, tomorrow the rest of Latin America.”
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
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