- Fee reductions for partner restaurants will be automatic and begin on March 11 until the end of the month;
- iFood informed that over BRL 125 million was loaned to its partners in the last 8 months, through the iFood Restaurant Bank;
- The company said it is in negotiations to gather more resources and reach BRL 500 million in credit lines throughout the year with special rates and conditions.
Brazilian delivery app iFood announced on Friday new measures such as lower fees and more access to credit in order to back its more than 200,000 partner restaurants.
All restaurants that operate on iFood’s platform will have their fees temporarily reduced from 23% to 18% for those who operate via iFood delivery (using iFood’s logistics) and from 12% to 11% for restaurants that operate in the marketplace and are in charge of their own deliveries. The reductions will be automatic and begin on March 11 until the end of the month.
In order for partners to keep their cash balanced at this time, iFood further announced that it will continue to anticipate payments (up to 7 days after the sale) at no financial cost to restaurants for the next 3 months, which represents potential anticipation of BRL 4 billion of receivables in the market.
Since April 2020, over BRL 7.4 billion was handled in the receivables format, iFood reported.
As for credit, iFood informed that over BRL 125 million was loaned to its partners in the last 8 months, through the iFood Restaurant Bank. The company is in negotiations to gather more resources and reach BRL 500 million in credit lines throughout the year with special rates and conditions.
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“We have already allocated more than BRL 200 million in efforts to restaurants on our platform and we will continue with measures to keep the ecosystem functioning, generating income and jobs for thousands of people who depend on this activity,” said Diego Barreto, VP of Strategy and Finance at iFood.
“We are going to collaborate to have restaurants providing an essential service at this moment so that the population remains safe at home,” he added.
