EBANX, the Brazilian unicorn fintech and payment startup, is introducing a digital wallet service on a trial basis for 10,000 customers. Expanding the fintech startup in the Brazilian payment market is the key objective behind the starting of this digital facility.
Speaking on this latest offering, Wagner Ruiz, co-founder and CFO of EBANX, said that the company commenced with Latin American payment solutions for global websites, which facilitated in international products and services such as Airbnb, Spotify and AliExpress becoming household names in Brazil and in seven other Latin American countries.
EBANX, established in 2012, initially disbursed payments for Brazilian clients of global websites and later on, grew to provide services to Brazilian eCommerce portals. A customer holding an EBANX account is eligible to get a card with 5 percent cash-back rewards and app-based payment options.
Apart from Brazil, EBANX also runs its operations in other Latin American countries such as Mexico, Colombia, Argentina, Chile, Peru, Ecuador and Bolivia. EBANX became a unicorn, worth over $1 billion last year after a second-round investment by FTV Capital.
Ruiz predicted that the digital wallet service from EBANX will have one million customers 18 months from now. In Brazil, currently one in three people don’t possess a bank account and EBANX Go provides affordable access to thousands of customers.
Considered among the largest developing economies across the globe, Brazil is the biggest country in South America. The nation has witnessed a surge in fintech, which can usher in more credit and other monetary services to customers as well as businesses.