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iFood Benefícios

“Can the dominant Brazilian food-delivery marketplace convert its restaurant and employer-benefits network into a full-stack embedded bank (accounts, credit, cards, insurance, VR/VA benefits)?”

Founded2011
HQOsasco, São Paulo, Brazil
FoundersEduardo Baer, Felipe Ramos Fioravante, Gabriel Pinto, Guilherme Bonifacio, Michel Eberhardt, Patrick Sigrist
Total raised$2.2B (parent iFood)
IndustryFintech / Benefits & Payroll cards
The story

iFood, Brazil's dominant food-delivery platform (>80% market share, owned by Prosus/Movile), has expanded aggressively into embedded finance. Two parallel financial-services arms emerged: iFood Pago (a digital bank for restaurant partners, formed by incorporating fintech Zoop and MovilePay in 2024, giving it a Payment Institution license and an SCD license) and iFood Benefícios (a multi-benefit VR/VA card on the Elo network competing with VR/Sodexo/Alelo). The company is building out lending, insurance, and B2B payments on top of its marketplace liquidity.

Last 12 months
2025-12
2024-06
Product timeline
2011
iFood founded as food delivery marketplace in Brazil.· launch
2022
iFood Benefícios launched as multi-benefit corporate card (VR/VA/mobility/culture) accepted on Elo network.· launch
2024
iFood incorporates Zoop and merges MovilePay to launch iFood Pago, a digital bank for restaurants with 140k accounts.· acquisition
2025
iFood Pago surpasses R$3B in credit disbursed; MetLife partnership for credit-life insurance (Seguro Prestamista).· lending
Acquisitions
Zoop2024
Brazilian BaaS/payments fintech incorporated into iFood to power iFood Pago; brought a Payment Institution license.
MovilePay2024
Movile's payments arm merged into iFood, contributing an SCD (Sociedade de Crédito Direto) license for direct lending.
Regulated entities
2
regulatory licences held by iFood Benefícios
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
iFood Benefícios was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
iFood3 layers →
The stack
7 layers disclosed in iFood Benefícios’s embedded-finance stack
Payments / PSP
Zoop (in-house)iFood Pago (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Insurance
in the full report
Accounting
in the full report
Accounting gap: significant
9 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.