How a FinTech Company and a National Postal Service Reach the Unbanked

Mid-October, FinTech firm conta.MOBI, which provides payment account (including a free version), announced a collaboration with Correios, the state-owned company that operates the national postal service of Brazil. With this partnership, conta.MOBI enables its users to make deposits and withdrawals through the network of Correios, using the CPF as identification.

The partnership provides conta.MOBI with a capability that no financial institution has, since Correios is an institution present in all cities of the country, with its own service and outsourced resources.

At first, the partnership includes only Correios' own agencies, but the intention of the companies is that the partnership extends to the whole network.

In addition to Correios, conta.MOBI clients could already make withdrawals through the network of Banco24horas ATMs, as well as perform transactions through a Visa prepaid card. Whoever opens a conta.MOBI account automatically receives the Visa virtual card and can apply for a physical one.

With a basic plan account and no monthly fee, the conta.MOBI's target audience are individual micro-entrepreneurs (known as MEI). The most expensive plan is BR$ 9.90 (~3 USD) monthly. Approximately 55% of the startup’s customer base today is MEI.

Entrepreneurs may have a POS system and charge through WhatsApp

Conta.MOBI was created in 2013 at Stanford University and started operating in 2014. Currently the company has a team of more than 50 employees. Ricardo Capucio, CEO, explains that the account is called "payment account" and has many functions similar to the traditional bank account. It differs from checking account basically by not providing credit and for not receiving interbank credit transfers such as TED (Express Wire Transfer) or DOC (Credit Transfer Document), but only to transfer to other accounts. "The payment account is a more modern account, which allows you to receive without being tied to a bank," Capucio notes.

The benefit for entrepreneurs is to have more possibilities of receiving payments: credit and debit through a payment link – which can be sent by social networks and WhatsApp, the most popular messaging app in the country; by ticket; by deposit made at the post office and also through the POS terminal that can also be integrated into the account. Each way of receiving has a specific fee.

The partnership "is part of the strategy of replacing postal activity, which is declining worldwide. This possibility of adding products takes advantage of the reach of Correios, one of the oldest and dearest companies in the country," said Guilherme Campos, president of Correios. Campos said that the plan was presented by Ricardo, president of the account.MOBI last year.

For now, the partnership of the conta.MOBI and Correios is available for the states of Minas Gerais and São Paulo, and according to Capucio, it must be available nationwide in January 2018.

This content was published in partnership with StartSe, a leading Brazilian website about startups. The portal contains the StartSe Base, the largest database of startups in the country, with more than 5,000 registered companies.