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Brazilian Fintech Ebanx Launches Digital Wallets for Consumers


Payments startup Ebanx, one of Brazil’s latest fintechs to achieve “unicorn” status, began offering its digital wallets to 10,000 consumers on a test basis, expanding its product portfolio beyond services to e-commerce platforms.

Founded in 2012, Ebanx initially focused on processing payments from Brazilian clients of global websites like Alibaba Group Holdings‘ AliExpress retail service, homesharing site Airbnb and music-streaming service Spotify Technology. More recently it started to offer payments processing services to Brazilian e-commerce platforms as well.

Initially, the Ebanx account will offer a card to individuals and will give clients rebates equal to 5% of their purchases as well as payments features, joining a wave of apps challenging Brazil’s traditional banks.

More than 100 Brazilian companies offer digital wallet accounts, products that have lured some 50 million customers so far.