Airfox’s free Android app provides millions of unbanked and underbanked Brazilians with access to microloans, mobile payments, and more.
Airfox, a mobile financial services company, today launched its free Android app in Brazil, giving millions of people unprecedented access to much-needed financing solutions.
More than 44 percent of Brazil’s population is unbanked, another 30-44 percent lack sufficient access to mainstream financial services, and those with credit cards face interest rates upwards of 200 percent (sources: World Bank, Bloomberg). This financial situation makes it difficult for the majority of Brazilians to rise into the middle class.
Starting today, the millions of people in Brazil with smartphones can skip the bank and instead use the Airfox app to make purchases and apply for and receive microloans. Setting up an Airfox account takes just a few minutes and most users receive a decision on their loan application within days. Brazilians can now also deposit cash into the Airfox app via Boleto Bancário at more than 40,000 locations countrywide. Later this year, Airfox will roll out additional features enabling users to recharge their public transit cards within the Airfox app, pay utility bills, and more.
Victor Santos, co-founder and CEO of Airfox, said: “Traditional banking in Brazil is expensive, elitist, and bureaucratic. The Airfox app grants Brazilians an enormous amount of economic mobility and added control over their finances. As a Brazilian immigrant and the son of entrepreneurs, I know firsthand the impact a loan can have; even just $50 USD could enable someone to make improvements to their home, cover a medical emergency, or start their own business. We are excited to launch the Airfox app in Brazil with the goal of improving the lives of millions of individuals.”
Because Airfox’s platform is built on the blockchain, the company is able to offer affordable rates, reduced transfer fees, and transparent loan terms. In order to apply for a microloan, users simply opt-in to share their mobile profile with Airfox and start building a credit score through daily smartphone usage. It’s easy for borrowers to repay Airfox loans as well; repayments can be made using cash or money transfer.
Airfox app users are segmented into low risk or high-risk groups, allowing peer-to-peer lenders to sponsor AirTokens through an Ethereum smart-contract in Airfox’s lending platform.
The Airfox Android app is available today in the Google Play Store.
Airfox is on a mission to provide the more than two billion unbanked people in emerging markets with mobile access to financial services. The Airfox app, available on Android, eliminates the need for traditional financial institutions and enables unbanked users without credit to access capital and loans via their smartphones. With the app, users can make purchases and apply for and receive microloans. The Airfox lending platform matches lenders around the world to borrowers in developing countries using AirTokens (AIR), an ERC-20 token built on the Ethereum blockchain. Airfox has offices in Boston, São Paulo, and San Francisco.
Victor Santos, CEO & Co-Founder
Victor is an ex-Googler, UC Berkeley alum, Forbes 30 under 30 recipient and telecom entrepreneur. He began working with VoIP at iWorldServices, opening their LatAM division. He then co-founded Ciao Telecom where he launched a platform for VoIP entrepreneurs and an advertising-based mobile virtual network operator (MVNO). After growing Ciao Telecom to double-digit millions in revenue, he joined Google working on product and marketing for AdWords agencies program. He co-founded Airfox in January 2016 with former Google colleague Sara Choi.