Business

Brazilian financial services platform Digio closes first half of 2021 with 2.7 million customers

Bradesco's and BB's holding platform has not only gained new customers, it has also managed to make them use the app more

A credit card from Digio, a Brazilian platform and digital bank wannabe that belongs to a holding owned by two of the biggest Brazilian banks: Bradesco and Banco do Brasil. Photo: Digio/Courtesy.
Ler em português
  • The platform recorded a net income of BRL 36.7 million in the first half of 2021, an increase of 497% over the same period last year;
  • The next steps to continue growing involve the launch of insurance products and a new premium credit card, in addition to making investment funds available for its customers by 2022.

Digio, a fintech that belongs to Elopar, the holding company of two of the biggest banks in Brazil (Bradesco and Banco do Brasil), recorded a net income of BRL 36.7 million in the first half of 2021, an increase of 497% compared to the same period last year. Last year, the fintech, launched in 2016, saw its customer base jump 70%, from 1.6 million to 2.7 million users.

READ ALSO: Brazil’s neobank Inter closes deal to acquire USEND fintech

The diversification of products and services, such as personal credit, cashback, and installments through PIX (Brazil‘s instant payments system), together with strategies to gain efficiency, such as the sale of inactive portfolios, is what explains this growth, according to Digio. “This reflected a 45% improvement in the financial margin for the first half of 2021 compared to the same period in 2020,” said Carlos Giovane Neves, CEO of Digio, in a press release.

READ ALSO: Founded by Brazilians in Silicon Valley, startup Brex launches a Venture Debt business

The platform and digital bank wannabe has not only gained new customers but has also managed to make them use the app more. In the first half of 2021, Digio’s credit card spending increased 69% over the same period last year. “Digio maintains the portfolio’s growth and diversification strategy to continue to monetize the platform, and the next launches will be insurance products and a new premium credit card, in addition to investment funds in 2022,” concluded the CEO.

Get the best insights about Latin America market in your inbox