By Carlo Martuscelli

Carrefour S.A. (CA.FR) said Wednesday that it has taken a 49% stake in Brazilian financial technology company Ewally for an unspecified amount.

The French supermarket chain said the transaction will allow it to enhance its payments and digital product offering in Brazil. The deal includes option to buy the company outright after three years.

With the stake acquisition, Carrefour said it aims to roll out new financial services in the country.

"Currently, one in three Brazilians, or about 45 million people, does not have a bank account," said Carrefour. "The digital account will be offered via an application that will allow customers to pay bills, transfer money, accept payments and top up services."

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

October 02, 2019 02:55 ET (06:55 GMT)

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