Brazil's iFood sees financial arm growing revenue by more than half in 2025

Just Eat Takeaway.com NV

20/06/2024 14:00

SAO PAULO, June 20 (Reuters) - Brazilian food delivery
firm iFood expects revenue from its financial arm to rise 52% in
the 2025 fiscal year, the company, owned by Dutch technology
investor Prosus  PRX.AS , said on Thursday.
    The delivery company carries out more than 80 million
deliveries per month in Latin America's largest economy and also
offers financial services such as credit and digital accounts to
restaurants selling on its platform.
    Revenue from its financial businesses is expected to reach
658 million reais ($121.3 million) in the 2024 fiscal year,
which ended in March, iFood's press office said. 
    For the year to March 2025, iFood expects revenue from its
financial arm to total 1 billion reais, according to a company
statement, which also noted the firm would rebrand all of its
financial services as iFood Pago. 
    "We have the mission to be the bank of the restaurants,"
iFood Pago head Bruno Henriques said in the statement. 
    The delivery company has also started tests to offer
point-of-sale terminals for restaurants, aiming to have about
5,000 terminals distributed in the coming months, with
approximately 20,000 restaurants using them by next March.
    The company, founded in 2011, generated total revenues of
7.1 billion reais during the 2023 fiscal year, which was the
last total revenue figure released by Prosus.
    Prosus gained full control of iFood in 2022 after buying
European food delivery company Just Eat Takeaway's 33% stake in
the Brazilian company for an initial payment of 1.5 billion
euros ($1.61 billion).
    Prosus is expected to release results for the fiscal year on
June 24.
    
($1 = 5.4232 reais, 0.9310 euros)

 (Reporting by Andre Romani; Editing by David Alire Garcia and
Sonali Paul)
 ((Andre.Romani@thomsonreuters.com; 11 991314109;11 56447500;))