Business

EBANX launches digital account and a prepaid card that offers 5% cashback

The company is widely known for its B2B payment product and now starts betting on the Brazilian B2C market as well

EBANX launches digital account
EBANX GO is the new EBANX's product focused on the B2C Brazilian market. Photo: EBANX

“Now the challenge is to keep growing. Because we can’t stop,” stated Wagner Ruiz, EBANX‘s CFO in an exclusive interview for LABS, when the company became a unicorn in October of 2019. And now, the company revealed the first step of how it plans to really to this and keep expanding: to bet not only in increasing its presence on the B2B payments market, but also offering B2C financial solutions.

READ THE FULL INTERVIEW: Now the challenge is to keep growing. Because we can’t stop,” says the cofounder of EBANX, the new Latin American unicorn

The Brazilian fintech launched its new digital account, called EBANX GO, and a prepaid card in a partnership with Visa that offers 5% cashback in purchases made in a list of 18 specific merchants, such as Spotify, AliExpress, Gearbest, UseGiraffe, PatPat, Ctrip, Civitatis, and Cambly. The full list is available on EBANX’s website and the cashback will be available in 15 business days in EBANX Go digital account with no expiration date.

EBANX Go app and physical card. Photo: EBANX

“This is an extremely competitive product that offers real cashback with no expiration date. We are entering this market with a different approach, making the most of all our expertise that we’ve gained from our experience with global clients and with Brazilian consumers over the years. This ensures that we are offering a distinguished service without losing EBANX’s DNA, which has always been about access, speed, and financial democratization. We are proud to offer another access platform to thousands of Brazilians,” stated Wagner Ruiz in the press release.

After going through several internal tests, the product is already available to 10,000 Brazilian consumers in a beta phase and offering both physical and digital card versions. There is a waiting list for those users interested in having an EBANX Go as soon as it is released to most users in the second half of 2020.

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“Providing access has always been our top mission at EBANX. We started offering Latin American local payment solutions for international websites, which helped popularize global products and services, such as Airbnb, Spotify and AliExpress in Brazil and seven other Latin American countries. EBANX GO is another step in this direction – this time directly in the Brazilian market,” stated Ruiz.

As an official Visa’s partner, EBANX Go can already be used by the invited users in any website or physical store in Brazil that accepts the brand. We are very happy to support EBANX in building this solution. Partnering with such a disruptive and innovative product is strategic to our commitment to accelerate the transformation behind the increased use of electronic payments in Brazil,” said Fernando Teles, country manager at Visa in Brazil.

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The project’s main goal is to win a meaningful share of the Brazilian population that still does not have a banking account, entering the wave of fintechs and neobanks that are putting efforts to offer financial products with fewer taxes and unbureaucratic process.