SAO PAULO – Ebanx is one of Brazil’s latest fintechs payments startup to achieve “unicorn status”. On Wednesday, Ebanx commenced the operation of its digital wallets on a test basis to 10000 consumers, in a move to expand their product portfolio beyond e-commerce platform services.
2012-founded Ebanx began initially with a focus on processing Brazilian client payments of global sites like AliExpress, Airbnb and Spotify. Of late, it began offering payment processing to Brazilian e-commerce platforms too.
Initially, Ebanx will offer cards to their customers giving them equal to 5% rebates of their purchases and payments features joining the new wave of apps which pose a challenge to traditional banks who have set shop in Brazil.
Wagner Ruiz, the co-founder of Ebanx, said that eventually savings accounts and other services may be offered to allow for their expansion into other Latin American countries.
His vision for the next 18 months is to see the wallet reaching over a million clients.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.