- Autonomous workers form the main target group of clients;
- Financial products, such as credit and insurance, are expected to be offered by the new company as well.
Brazilian fintech Stone and mass media Grupo Globo are launching TON, a new company focused on serving micro-merchants and autonomous workers. The joint-venture, which was initially announced last July and was waiting regulatory approvals to begin operations, substitutes Stone Mais, a Stone division previously created to serve the same target group in Brazil, and users already working with it will be transferred to the new brand.
The company creation was carried out in a partnership of Stone with Grupo Globo, the largest mass media group in Latin America, which will use its broadcasting expertise to advertise it. According to Stone, micro-merchants and autonomous workers form a user base that has ample potential in revenue growth.
“The new company will be focused on providing differentiated customer service and support with a strong focus on Customer Acquisition Cost efficiency, which is key to succeed in this segment. We believe that over time, we can reach customers’ acquisition cost levels equivalent to large players in the market, leveraging Globo’s market expertise and Stone execution capabilities”, says Thiago Piau, Stone’s CEO.
According to a statement, merchants who opt for TON will have access to a package that includes a POS device, a digital account, an app and a prepaid card.
With TON’s banking services, clients will be able to make wire transfers, pay bills and taxes and make deposits. Financial products, such as credit and insurance, are expected to be offered soon as well. “We initially planned to offer in the second semester and insurance was not even on the initial list. The public began to demonstrate this need”, explains Caio Fiuza, TON’s CEO.
The client must pay a membership fee for the POS device; no rental costs will be charged. However, the firm will charge a fee for each sale done through its POS: 1.99% in debit card payments and 3.49% in credit card payments. Both will be charged 30 days after the purchase. If the sale is done in installments, a common practice in Brazil, there is an additional charge of 1.99%.