Uber rival Cabify is gearing up to open FinTech services in Brazil

Cabify, the Spanish ride-hailing company, is about to introduce its digital wallet service Lana in Brazil.

The Uber rival is already operating in 11 countries, nine of which in Latin America. Cabifiy is a subsidiary of holding company Maxi Mobility. The holding company also owns Lana. The service is already being tested in Chile and Mexico. It enables drivers to be paid, seek loans, pay bills and other related services.

Latin America Business Stories reported that whilst Lana is operating by itself in the other two markets, the company will shift gears in Brazil. Instead of going solo, it will seek out partnerships to help it provide a better service to the huge market.

Cabify is reportedly desiring to leverage its database usage, which predominantly covers financial information about its drivers, and offer financial services.

The Uber rival is not the only company to recently moving into the Brazilian market. At the end of July, FinTech Global reported that Mambu, the German SaaS company, had signed its first client in the country – Acesso, the financial service company.

That being said, not everything is honkydory in the Latin American country. For instance, it was revealed at the end of July that a financial service provider’s unprotected server reportedly lead to 250 gigabytes of banking customers’ personal information has been leaked in a breach.

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