MagaluPay

What MagaluPay does

MagaluPay (MagaluPay Instituição de Pagamento S.A., CNPJ 13.884.775/0001-19) is a Brazilian regulated payment institution and wholly-owned subsidiary of Grupo Magazine Luiza, headquartered in São Paulo. Operating as a financial SuperApp within the Magalu ecosystem, the company offers consumer-facing services — a digital wallet with Pix, bill payments, prepaid virtual and physical cards, cryptocurrency trading (Bitcoin, Ethereum, USDC) from R$1, a 2%-cashback Magalu credit card, and a six-product insurance suite underwritten by Cardif, Luizaseg, and Icatu — alongside merchant solutions including a digital business account (Conta Digital), three payment-terminal models (Mini, Super, Smart), payment links, Tap-to-Pay, and a receivables-management portal. Credit is delivered through correspondent-banking partnerships with Giro SCD (Carnê Digital installments up to 21x) and Biz Capital (Crédito com Garantia secured by merchant receivables, up to R$300,000).

The platform is built on PCI-DSS-certified, LGPD-compliant infrastructure with BCB authorization, facial biometric authentication, Open Finance integration, and native Pix interoperability. Distribution is omnichannel: the Magalu SuperApp, a web portal, WhatsApp support, partner portals, and over 1,400 Magazine Luiza physical stores across Brazil. In January 2025, the entity rebranded from Hub Instituição de Pagamento S.A. to MagaluPay Instituição de Pagamento S.A. and assumed leadership of the MagaluPay Financial Conglomerate, which includes MagaluPay SCFI (credit, financing, and investment).

Monetization is diversified across take-rate from payment processing (Pix, cards, maquininhas, payment links), interest income from credit operations originated through correspondent banks, commissions from insurance and protection products, and targeted account fees (R$1.60 per excess TED, R$6.90 per ATM withdrawal, 3.38% IOF on international transactions). The core account and Pix services are free; cashback and Carnê Digital drive engagement within the Magalu retail flywheel. The company employs 519 people and operates exclusively in Brazil, with no public revenue disclosure as a private subsidiary.

Name

MagaluPay

Legal name

MagaluPay Instituição de Pagamento S.A.

Website

https://magalupay.com.br

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

MagaluPay is a Brazilian payment institution and wholly-owned subsidiary of Grupo Magazine Luiza offering a financial SuperApp — wallet, Pix, cards, credit, insurance, and crypto — to Magalu retail consumers and partner merchants across Brazil, distributed via 1,400+ physical stores.

Ownership category

akta.pro rank

Product category

Digital Financial Services

NAICS

Credit Card Issuing (522210), Consumer Lending (522291), Sales Financing (52222), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Activities Related to Credit Intermediation (5223)

SIC

Finance Services (6199), Personal Credit Institutions (6141), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value) (FSAGAAAD)

akta.pro secondary industries

Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF), EMV Chip, Magstripe & PIN Debit Acceptance (FSAMADAG), BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Billing, Payments & Premium Finance Platforms (FSAGAGAI), Margin Trading & Collateralized Borrowing (Exchange-Operated) (FSADAAAL)

Keywords

• Digital payments
• Mobile wallet
• Payment processing
• Consumer credit
• Merchant financial services

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Payment Processing: Transaction fees from card payments, Pix transfers, and payment processing through point-of-sale terminals (maquininhas) and link payments
2. Credit Operations: Interest income from secured credit (using sales receivables as collateral), unsecured credit for pre-approved customers, capital giro loans, and digital installment book (Carnê Digital) through correspondent banking partnerships
3. Insurance Products: Commissions from insurance products including extended warranty, robbery/theft protection, health insurance, home insurance, purchase protection, and card protection offered through partners
4. Account Services: Fees from additional services such as excess TED transfers (R$1.60 each), ATM withdrawals (R$6.90 per operation), and international transaction IOF (3.38%)
5. Cashback: 2% cashback on Magalu purchases through Magalu credit card, generating customer loyalty and transaction revenue

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

MagaluPay operates a digital financial services SuperApp within the Magazine Luiza ecosystem, offering individual consumers a digital wallet with Pix transfers, bill payment, prepaid cards, cryptocurrency trading, and a suite of insurance products. For merchants, it provides a business digital account with payment terminals (maquininhas), payment links, Tap-to-Pay, receivables management, and secured credit using sales receivables as collateral. The platform also enables installment purchasing (Carnê Digital) up to 21 times without a credit card through correspondent banking partnerships.

Product overview

MagaluPay is a financial services platform operated by MagaluPay Instituição de Pagamento S.A. (CNPJ 13.884.775/0001-19), a payment institution authorized by the Central Bank of Brazil and part of the Magazine Luiza Group. The platform operates as a SuperApp combining consumer and business financial services. For consumers (Para quem compra), it offers a Digital Wallet with PIX transfers, bill payment, cryptocurrency investment (Bitcoin, Ethereum, USDC), virtual and physical prepaid cards, in-store purchases at Magalu locations, and a comprehensive insurance suite (extended warranty, theft protection, health coverage, home insurance, purchase protection, and card protection). For merchants (Para quem vende), it provides a Digital Account with unlimited PIX, 30 free TEDs monthly, physical and virtual prepaid cards, payment acceptance through card machines (Mini, Super, Smart models), Link de Pagamento for remote sales, Tap-to-pay functionality, receivables anticipation, and secured credit using sales receivables as collateral (partnered with Biz Capital). The Carnê Digital enables installment purchasing in up to 21 times without credit cards. The platform also hosts a Financial Education Portal with videos and blog content. Credit operations are facilitated through correspondent banking relationships with Giro SCD (for installment credit) and Biz Capital (for secured lending).

Differentiator

Problem solved

Functional benefit

Products and services

• Carteira Digital MagaluPay
• Conta Digital MagaluPay
• Carnê Digital MagaluPay
• Crédito com Garantia MagaluPay
• MagaluPay Mini
• MagaluPay Super
• MagaluPay Smart
• Link de Pagamento MagaluPay
• Tap MagaluPay
• Cartão Magalu
• Cartão Virtual MagaluPay
• Criptomoedas MagaluPay

Quantifiable outcome

• No monthly account fees (R$0 maintenance)
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature5 records

Partnerships

Six partnerships are on record, tiered flagship, core and minor.

• Magazine Luiza GroupflagshipStrategic or Co-development PartnerMagaluPay is a wholly-owned subsidiary of Magazine Luiza Group, operating within the company's ecosystem. The entity was originally Hub Instituição de Pagamento S.A., became part of Magalu Group in 2021, and rebranded to MagaluPay Instituição de Pagamento S.A. in January 2025. Now leads the MagaluPay Financial Conglomerate.
• Cardif do Brasil Seguros e Garantias S.A.coreStrategic or Co-development PartnerCardif (BNP Paribas Cardif) is the insurance company providing insurance products through MagaluPay including device protection, home insurance, purchase protection, and card protection. Operates under SUSEP regulation.
• Cardif do Brasil Vida e Previdência S.A.coreStrategic or Co-development PartnerCardif (BNP Paribas Cardif) subsidiary providing health protection insurance (Seguro Proteção Saúde) with disease coverage, telemedicine, and medical discounts through MagaluPay.
• Luizaseg Seguros S.A.coreStrategic or Co-development PartnerLuizaseg Seguros S.A. (CNPJ 07.746.953/0001-42) is the insurer providing extended warranty products (Garantia Estendida Original) for Magalu purchases, with coverage up to 24 months beyond manufacturer warranty.
• Icatu Capitalização S.A.minorStrategic or Co-development PartnerIcatu Capitalização provides sweepstakes/promotional campaigns tied to insurance products, offering customers the chance to win R$5,000-R$10,000 prizes during initial coverage months.
• Payment Networks (Visa, Mastercard, Elo, Hiper, Amex)coreTechnology or IntegrationMajor payment network brands accepted across MagaluPay payment terminals, card products, and payment links for credit and debit transactions with various installment options.

Scale indicators3 records

Recent moves9 records

Expansion highlights6 records

Market position

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/magalupay
• Instagraminstagram.com/magalupay
• TikToktiktok.com/@magalupay

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MagaluPay