Magalu offers credit from R$100 to R$5,000 in application

The retailer Magazine Luiza launched this Thursday (12) a fintech that will offer credit to consumers and shopkeepers. Through the application, network customers can have access to a pre-approved line of credit from R$100 to R$5,000.

The amount of credit offered to each consumer is calculated based on the analysis of their profile. According to the company, 10 million customers already have pre-approved credit. In all, 45 million use the network application.

The amount is released directly into MagaluPay, Magalu’s digital account, which can be used for any type of payment.

As for the 160,000 shopkeepers in the company’s marketplace (the “sellers”), fintech Magalu will offer a credit card.

In this case, interested sellers can sign up for the waiting list, through an invitation, which will be sent in the next few days by Magalu. Business credit card holders will have a benefits program, with the right to exchange points for services offered in the Magalu ecosystem.

According to the retailer, fintech is already one of the ten largest in Brazil, with more than 16 million unique customers – including the 9 million who have a MagaluPay digital account and the 7 million who have the network’s credit card.

Fintech Magalu is the result of the integration of a series of companies acquired by the company in recent years –Bit55, Stoq and Hub Fintech– and the Luizacred operation. In 2021, the total volume of transactions amounted to BRL 65 billion.

The value takes into account the individual credit card transaction, the sub-acquisition of the marketplace and financial services provided to third parties. The company is responsible, for example, for the payment operation for CargoX truck drivers and transporters.