Business

iFood digital account lends over BRL 200 million to partner restaurants

Loan amount has been reached in less than six months since the launch of foodtech's "restaurant bank"; result of the COVID-19 pandemic

iFood digital account
Photo: iFood/Courtesy
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  • 7,000 restaurants have taken out a loan through their digital account;
  • The iFood digital account already has more than 100,000 users, or 38% of the registered restaurant base;
  • The credit offered by the digital account has reduced fees and was created to help the sector’s recovery, according to foodtech;
  • The “restaurant bank” now wants to expand the offer of financial products.

In less than six months, iFood‘s digital account has made more than BRL 200 million in loans to more than 7,000 partner restaurants. Launched last November, the digital account already has about 100,000 users. This represents 38% of the total base of restaurants registered with iFood, which is 270.000 businesses.

According to iFood, the credit offered by the digital account has reduced fees and a high approval rate, since the benefit was created to help the recovery of the sector affected by the COVID-19 pandemic.

READ ALSO: Brazilian food tech’s behemoth iFood delivers 60 million monthly orders amid the pandemic

The “bank of restaurants”, as the digital account is presented, was created by MovilePay, a Movile group fintech, to offer free digital financial services for iFood partner restaurants, such as transfers, payments via bank slip, prepayment of receivables and payments from customers via PIX (Brazilian instant-payment system).

The account is the result of a partnership between iFood, MovilePay and Zoop, a company that offers BaaS (banking as a service) technology that allows any company to create its own branded digital account services.

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Considering the rapid growth, the digital account plans to offer new products and lines of credit soon. Daniel Bergman, CEO at MovilePay, says that the goal is to keep the iFood digital account at the top of the segment.

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