Midway
“Can a retail store-card financeira convert 34M Riachuelo shoppers into full digital-banking customers?”
Founded2008
HQSão Paulo, Brazil
IndustryFintech / Consumer banking
The story
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.
Last 12 months
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Product timeline
2008
Midway founded as the financial arm of Grupo Riachuelo to provide credit and financial services tied to the retailer's customer base.· banking
2020
Launched Conta Digital Midway, extending beyond the Cartão Riachuelo into a digital account offering.· banking
Regulated entities
1
regulatory licence held by Midway
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Midway’s embedded-finance stack
Banking / BaaS
Midway S.A. (in-house)
Card issuing
in the full report
Lending
in the full report
Accounting gap: none
5 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.