Airfox, a U.S.-based fintech startup, announced on Wednesday it has teamed up with Mastercard Brazil and Zurich Insurance for expansion of its banking services. The company noted that the trio will expand the availability of affordable and cost-free banking solutions with 1% cashback to customers.
Founded in 2016, Airfox reported it develops inclusive financial services for emerging markets. the company’s software, banQi, is described as a “reinvention” of the classic banking methods that matches already existing digital technology around the world.
“Airfox’s model follows a reliable, egalitarian, and democratic model of service. To power its revolutionary peer-to-peer microloans program, Airfox developed and released its own cryptocurrency, AirToken (symbol: AIR), an ERC-20 token issued on the Ethereum blockchain. Airfox has offices in Boston and São Paulo.”
Airfox also noted that it has successfully executed on its mission to shift the financial paradigm toward greater inclusion with banQi, it’s free and flexible Brazillian banking service designed to accommodate every socioeconomic status. While sharing more details about the partnership, João Pedro Paro Neto, President of South America and Brazil at Mastercard, stated:
“This strategic partnership with Airfox provides not only convenience and secure transactions, but also financial and digital inclusion for a portion of the population that doesn’t have access to financial and digital services.”
Victor Santos, CEO and Founder of Airfox, went on to add:
“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.”