One out of three adults in Brazil does not have a bank account, according to the latest data from the World Bank. Although it is the Latin American country with the best rating in this indicator, Brazilians have a hard time obtaining loans. The fact that they do not use, or do not have a bank account, makes it impossible for them to have a banking record, which limits the banks’ ability to calculate their credit risk.

To solve this problem, Victor Santos has created Airfox, a mobile app that works as a digital wallet that does not need to be associated with any current account or credit card. The revolutionary thing about Airfox is that its algorithms are capable of calculating the user's credit risk based on the data usage on their mobile phone. Once the risk is calculated, the person can apply for a loan through the app itself. Thanks to this advancement, Santos has become one of the Innovators Under 35 Latin America 2018 from MIT Technology Review in Spanish.



"The user must allow Airfox access to the data usage of his mobile phone. Through the analysis of the information provided by the GPS, for example, he can reliably determine where he lives and works, his routine," Santos says. With all of this information, crossed with other data from external sources, the algorithm creates a model of the level of income and real expenses of the user, which translates into a calculation of the individual's credit.



Launched in March 2018, the application already has 12,000 users who have managed to get 1,200 loans. The money has been financed by Airfox thanks to the 15 million dollars collected in an ICO. To guarantee the transparency of the service, the transactions of the purse are reflected in a chain of own blocks, based on Ethereum. "The next step is to open the platform to external investors," says Santos, "as well as continue to expand the user base of the application," for which it is in negotiations with the largest chain stores in the country.

The CEO of HAG Consulting & Ventures, Rodrigo de Alvarenga, jury member of Innovators Under 35 Latin America 2018, points out that "if Airfox manages to increase the number of users it will undoubtedly have broad support and availability of investors".