Carrefour Group announces acquisition of 49% stake in fintech Ewally, a company specializing in digital financial services, as part of its strategy to operate in the digital account segment in Brazil. The acquisition of a 49 % stake in the startup will allow the company to expand its payment and digital product and service distribution ecosystem in Brazil, in line with its digital transformation strategy. The agreement stipulates the option to acquire a controlling stake after three years.

Operating in the digital financial services segment, Ewally stands out for its advanced technology and large range of services, whose main focus is to provide a new experience of using money, mainly for people who have no access to the financial system. Ewally’s expertise, coupled with the privileged relationship Carrefour has with its millions of customers in its existing businesses in Brazil, represents a decisive step towards accelerating the provision of new financial services.

Currently, one in three Brazilians, or about 45 million people, does not have a bank account. Fully online, the digital account will be offered via an application that will allow customers to pay bills, transfer money, accept payments and top up services.

Paula Cardoso, CEO of Carrefour e-Business Brazil, declared: “This strategic partnership with Ewally will enable us to develop a range of financial solutions that will ease the buying journey of our B2B and B2C customers across the Carrefour ecosystem. With the startup’s development of cutting-edge technology, we will democratize access to financial services for current and new customers, and introduce innovations in payment methods to our different formats”.

The conclusion of the transaction is subject to the fulfillment of certain conditions precedent.