Blockchain-based digital banking for the underbanked and unbanked population
Airfox is a blockchain-based fintech start-up that provides a new financial platform with a mission to provide inclusive financial services and access to capital to emerging markets. Airfox offers its digital banking service, banQi, to retail investors as a reinvention of classic banking methods that are improved with advanced digital technologies. The service will help the unbanked and underbanked consumers to access new purchasing power and financial services through their smartphones. To achieve its mission, Airfox said that it has established high-profile strategic partnerships, including but not limited to Via Varejo, global card provider Mastercard, QR code payment software Cielo, and more.
According to Crunchbase, Airfox is a venture-backed, financial technology company based in Boston and Sao Paulo. The company has raised a total of $26.2M in funding over four funding rounds. The latest funding round was done on September 11, 2018, according to Crunchbase. The company itself has a post-money valuation in the range of $1M to $10M as of August 16, 2016, according to PrivCo. There are nine core team members including its CEO Victor Santos and six board members and advisor including Ben Perry. Airfox investors consisted of various crypto capital firms, including but not limited to Via Varejo, Project 11 Ventures, NXT Ventures, Techstars, Launch Capital, One Way Ventures, and more.
According to its website, Airfox will provide a new experience and financial services for the people, including but not limited to:
– Branchless bank services, where the money is accessible through an easy-to-use mobile app and at physical retail locations;
– New credit scores calculation where phone data and in-app activity can be used, in addition to that, machine learning will be used as a new machine to generate the credit scores that are based on data science;
– A direct connection between consumers and business to remove unnecessary transaction cost;
= and more.