Victor Santos, CEO and the Founder of Airfox

Boston based fintech startup Airfox, which provides mobile financial services to the unbanked & those not served well by traditional banks in emerging markets using blockchain has announced a strategic alliance with Mastercard Brazil, this alliance allows the availability of affordable and cost-free banking solutions with 1% cashback to customers. This isn’t the first time the Boston based startup has entered into such alliance it has seen three additional partnerships with Mastercard, Cielo, and Zurich Insurance.

Victor Santos, CEO and the Founder of Airfox commented, “At present, those without bank accounts face daily financial challenges, 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.”

Emerging markets have been the hotspot for the Boston based startup, its aim of leveraging fintech and blockchain technologies towards the financially excluded is one of the major reasons towards its rise. 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’s partnership with Mastercard Brazil is expected to enable clients to 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.

“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.

Alongside its partnership with Mastercard, Airfox has also partnered with Zurich Insurance who already hold a multi-year partnership with Via Varejo to bring a diverse portfolio of digital insurance products to banQi customers and provide them with features such as lending insurance, unemployment insurance, mobile phone insurance, and life insurance. This partnership is said to provide furthermore opportunities for its banQi community.

This strategic alliance is said to benefit Airfox, as it is being valued over $77 million.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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