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Airfox is a Boston, Massachusetts-based financial technology company that develops digital banking solutions and microloan platforms for underbanked consumers throughout Latin America. The firm's primary product, the banQi neobank application, provides free mobile banking, bill payments, and alternative credit profiling to low-income populations. Prior to its acquisition, the platform scaled rapidly to reach 500,000 active users within an 18-month period and secured $6.5 million in venture funding alongside a $15 million initial coin offering. Airfox established strategic partnerships and received early backing from notable corporate and venture entities including MasterCard Brazil, Techstars, and Launch Capital. In May 2020, the company was fully acquired by Brazilian retail conglomerate Via Varejo to integrate digital financial services across its network of over 1,000 physical stores. Airfox was originally founded in 2016 by Victor Santos and Sara Choi.
Airfox has raised $1.0M across 1 funding round.
Airfox has raised $1.0M in total across 1 funding round.
Airfox has raised $1.0M across 1 funding round. Most recently, it raised $1.0M Seed in August 2016.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 1, 2016 | $1M Seed | — | Acre Venture Partners, Craig Shapiro, FTW Ventures, ONE WAY Ventures, Jennifer LUM | Announced |
Airfox is a fintech company founded in 2016, headquartered in Boston with operations in São Paulo, focused on accelerating financial inclusion for underbanked populations in emerging markets, particularly Brazil.[1][2][3] It developed a mobile-first digital financial services platform under the banQi brand, offering cash deposits, microloans, remittances, digital payments, and wealth-building tools to underserved users.[3][4] Airfox raised under $5M in venture funding before being acquired by Brazilian retail giant Via Varejo in May 2020 for an undisclosed amount, continuing as a fintech innovation hub leveraging the retailer's 60 million-customer base.[1][3]
Post-acquisition, Airfox integrates with Via Varejo's infrastructure (Casas Bahia and Ponto Frio chains) to scale accessible financial services, solving barriers like lack of credit access and high remittance costs for unbanked Brazilians.[1][2]
Airfox emerged in 2016 when CEO Victor Santos pivoted from an early-stage SaaS business serving small telecom companies, which was generating revenue but struggling with cash flow and VC funding.[5] Facing these challenges amid the 2017 blockchain hype, Santos and his team ideated a blockchain-based currency for smartphone financial services targeting unbanked users in emerging markets, considering an ICO despite regulatory risks.[5] This led to the banQi platform, gaining traction through venture backing and strategic partnerships, culminating in the 2020 acquisition by Via Varejo, which provided scale and marked a pivotal growth moment.[1][3]
Airfox rides the fintech wave in emerging markets, where mobile penetration outpaces banking infrastructure, fueling demand for digital inclusion amid rising smartphone adoption in Brazil and Latin America.[2][4] Its 2017 blockchain pivot tapped early crypto enthusiasm for borderless finance, though it matured into practical services post-ICO risks, aligning with regulatory shifts toward compliant digital banking.[5] Market forces like Brazil's underbanked population (over 30% adults) and e-commerce growth via retail partnerships favor Airfox, influencing the ecosystem by bridging fintech with retail giants to normalize microfinance and remittances.[1][3]
Airfox's acquisition positions it for sustained growth within Via Varejo, potentially expanding banQi into embedded finance across retail touchpoints and beyond Brazil. Trends like open banking regulations, AI-driven credit scoring, and digital wallets in LatAm will shape its path, enhancing personalization and reach. Its influence may evolve from startup innovator to scaled operator, redefining financial access and inspiring hybrid retail-fintech models in emerging economies. This builds on its core mission, proving pivots amid hype can yield lasting inclusion.
Airfox has raised $1.0M in total across 1 funding round.
Airfox's investors include Acre Venture Partners, Craig Shapiro, FTW Ventures, One Way Ventures, Jennifer Lum.
