Magalu offers banking services to its customers

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Magazine Luiza announced on Monday (21) the purchase of Hub Fintech, a digital finance company controlled by businessman Carlos Wizard Martins. The purchase price was around R $ 290 million, according to a statement released by the retailer.

For Magalu, the acquisition will allow its more than 29 million individual customers, as well as its 40,000 marketplace sellers, to have a complete and free digital bank account, entitled to a full range of banking services integrated with the superapp.

In addition to making purchases and paying your slips directly on the Hub platform, Magalu customers and partners will be able to make deposits, transfers (via P2P, TED, DOC or PIX), payments (from consumer accounts, taxes and PIX), in addition to withdrawals from lotteries, ATMs and Magalu’s own stores. Complete the package: cell phone recharge / transport voucher and a prepaid card.

Magalu’s business expansion

In a statement, Magazine Luiza’s CEO, Frederico Trajano, explained that the acquisition of Hub aims to accelerate the development of its payment platforms and financial services for legal entities and individuals. When analyzing dozens of fintechs during prospecting, the retailer had in mind an asset light company, with access to the Brazilian Payment System.

The acquisition of Hub Fintech by Magalu Payments will only be completed after the deal has been approved by the Administrative Council for Economic Defense (CADE) and the Central Bank. Once completed, the acquisition will be the eleventh in a series of businesses by Magalu, for its digital ecosystem.

Only this year, Magazine Luiza acquired the virtual tallow Estante Virtual, the digital marketing school ComSchool, the digital advertising platform Inloco Media, the technology news site Canaltech and the startups AiQFome (meal delivery), Hubsales (sale of products for companies) and Stoq (solutions for small and medium retailers).

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