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.”
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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