New challenger Adapta Bank launches in Brazil
A new digital challenger, Adapta Bank, has launched in Brazil offering consumers all the features of modern-day banking through a free mobile app account.
Adapta Bank launches in Brazil
Based in Caruaru, the firm offers a payments account for bill payments and bank transfers, split payment and cash withdrawal features, a payment link option to accept payments from others, a discount card and financial education services to help users manage their finances.
Adapta Bank also helps users discover credit options through its financial marketplace Agilizacred, which connects financial institutions with customers and enables users to access several lines of credit through the app.
According to its website, the firm does not carry out credit operations directly but rather acts as a “digital credit consultant” that aims to reduce bureaucracy, risks and credit costs for both sides.
“In addition, we shorten the distance between financial institutions and their potential customers,” Adapta Bank says.
“The platform is safe, fast and completely free for consumers.”
The launch follows a surge of activity in the Latin American fintech space.
In February alone, Brazilian neobank Neon received $300 million in funding from Spanish banking giant BBVA; São Paulo-based Banco Itaú partnered with US paytech Rêv to launch a multi-currency digital wallet; and Brazilian anti-fraud firm Clearsales acquired US start-up ChargebackOps for $3.6 million.
