Carrefour Brasil has announced the purchase of 49% of the fintech Ewally, a startup specialized in digital financial services. The operation is part of the retailer’s strategy for accelerating its digital transformation in the country. It will allow Carrefour Brasil to offer new financial products and services and increase its digital operations.

According to the agreement between the two companies, Carrefour Brasil will be able to by the control of Ewally within three years. 

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“Currently, one in three Brazilians still doesn’t have a bank account, which means more than 45 million people. This group moves around BRL 800 billion annually, and it is this part of the population that we want to reach with this inclusive solution. With the digital account, we will be able to offer a range of benefits to an even wider range of people,” said Carlos Mauad, CEO of Banco Carrefour, according to Gazeta do Povo newspaper.

The digital account will allow customers to pay bills, transfer money, and charge and recharge credit for products and services through an app.