Business

The ride-hailing service Cabify plans to enter the fintech market in Brazil

The company's founder, Juan de Antonio, was in Brazil looking for local partners

  • Cabify was first founded in 2011 in Spain, and entered the Brazilian market a few years later, in 2016
  • Digital wallet Lana and Cabify are subsidiaries of the holding company Maxi Mobility
  • Operating a test-version in Mexico and Chile, Lana seeks to kick-off its operations in Brazil with local partners in the fintech market.

From Spain, Uber‘s competitor Cabify operates in 11 countries – 9 of which are Latin American – and now plans to spread its services beyond the ride-hailing app in the wealthiest country of Latam: Brazil. 

Present in almost 50 cities across the country, Cabify is a subsidiary of the holding company Maxi Mobility, which has also the digital wallet Lana in its portfolio. And as the fintech landscape in Brazil rises, the holding’s e-wallet is seeking to surf this wave. At the moment, Lana is working in Mexico and Chile in a pilot-test operation, available for around 1,000 Cabify drivers and letting them receive payment through the digital wallet, pay basic bills, ask for loans, and other related services.

While Lana is operating on its own in Mexico and Chile, the strategy in the Brazilian market will be to seek for partnership. “Due to the size of the market, we believe it makes more sense to partner with local businesses,” said the founder Juan de Antonio to Brazilian media outlet Valor Econômico.

Cabify wants to leverage its database usage –  a source of valuable financial information mainly about its drivers – and offer financial services based on the reliable data collected by the company over the years. Besides the digital wallet product, the company is also close to launching another service in Brazil – the electric scooter and bike app Movo, which has been operating in Spain for one year now.