Carrefour Group has acquired a 49% stake in Ewally, a Brazilian firm that focuses on digital financial services.

Financial terms of the transaction were not disclosed.

Under the agreement, Carrefour has the provision to purchase a majority stake in the fintech firm after three years.

“Ewally’s expertise, coupled with the privileged relationship Carrefour has with its millions of customers in its existing businesses in Brazil, represents a decisive step towards accelerating the provision of new financial services,” Carrefour stated.

The deal forms part of Carrefour’s strategy to operate in Brazil’s digital account space and will enable it to reach unbanked customers in the country.

In this context, Carrefour cited that one in three Brazilians does not have a bank account.

The digital account will enable customers to top up services, as well as make bill payments and funds transfer.

Carrefour e-Business Brazil CEO Paula Cardoso said: “This strategic partnership with Ewally will enable us to develop a range of financial solutions that will ease the buying journey of our B2B and B2C customers across the Carrefour ecosystem.

“With the startup’s development of cutting-edge technology, we will democratize access to financial services for current and new customers, and introduce innovations in payment methods to our different formats.”