“Can a retail store-card financeira convert 34M Riachuelo shoppers into full digital-banking customers?”
Midway is the captive financial services arm of Grupo Riachuelo, one of Brazil's largest apparel retailers. It began as the issuer of the Cartão Riachuelo store card and has evolved into a broader consumer finance platform — offering a digital account, personal loans, payroll-deductible (consignado) loans, insurance and assistance products to 34M+ Riachuelo customers. The strategic question is whether captive retail financeiras in Brazil can extend beyond store credit into a full neobank-style relationship.
Midway discloses Midway S.A. (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Midway does not disclose a bank charter of its own; its banking services are provided through Midway S.A. (in-house).
Midway's cards are issued through Midway S.A. (in-house).
Midway's lending and capital products are provided by Midway S.A. (in-house).
The Embedded Finance Index 2026 maps 3 layers in Midway's stack: Banking / BaaS (Midway S.A. (in-house)); Card issuing (Midway S.A. (in-house)); Lending (Midway S.A. (in-house), Empréstimo Pessoal, Crédito Consignado and Cartão Riachuelo (revolving credit)).
Midway is founded in 2008 and headquartered in São Paulo, Brazil.
Get a read on where your own stack stands against Midway and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.