Business

Brazilian retailer Via Varejo acquires neobank banQi

Via Varejo has been using banQi technology in its digital account since last year

Photo: Reproduction/Via Varejo
  • In the Q1, banQi had 1 million app downloads;
  • The Brazilian retailer has now a financial technological innovation hub in Boston.

Via Varejo, the parent company of Casas Bahia and Ponto Frio stores, announced the completion of the acquisition of banQi, the American fintech responsible for the digital account used by Via Varejo since last year, according to Época Negócios.

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In a statement, Via Varejo’s executive director Andre Calabro said that in the first quarter of 2020 the number of bank accounts opened at banQi doubled and reached the milestone of 1 million downloads of the app, “with a 300% increase in payment slips and 117% in the inclusion of booklets by the tool”.

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With this, the retailer has a technological innovation hub in finance in Boston. The acquisition was first announced in February, when Via Varejo told about the option to purchase 80% of the shares of banQi.