By Brazil Stock Guide – iFood, Brazil’s largest food delivery platform, is preparing to transform itself into a fully licensed commercial bank within the next three years, CEO Diego Barreto said in an interview with O Globo. The company plans to request authorization from the Central Bank in 2026 to offer interest-bearing deposits, marking its first formal step toward entering the regulated banking sector.
Barreto said the initiative will begin by serving restaurants — the core of iFood’s ecosystem — before expanding to individual consumers. “The short term is the restaurant. The medium term involves individuals, but always within a logic of creating synergy in our ecosystem,” he said. “When we talk about a full commercial bank, you can imagine this happening in up to three years.
Fintech roots and credit expansion
Since 2022, iFood has operated as a fintech, offering credit to small and medium-sized restaurants. The company currently lends about R$160 million per month, with an average maturity of 18 months, and expects to disburse close to R$2 billion in 2025.
“We already have a digital account, payments infrastructure and financial services,” Barreto said. “But starting next year, I want to offer interest-bearing deposits for restaurants.”
Once licensed as a commercial bank, iFood plans to expand its product portfolio to investments, real estate credit and financial services directly connected to its marketplace.
Beyond delivery, iFood is investing in physical restaurant operations, integrating digital identity systems and cashback features. In cities like São Paulo, users can choose a “Comer fora” (“Eat out”) option within the app, accessing discounts funded by partner restaurants.
The strategy increases transaction flow inside restaurants, which, according to Barreto, boosts iFood’s ability to offer credit and financial products — reinforcing its banking ambitions.
Technology, AI and major capital allocation
The company will invest R$17 billion this year and more than R$20 billion in 2026, with technology at the core of its growth plan. A significant portion is allocated to the Large Commerce Model (LCM), a generative AI system with 32 billion parameters and trained on 10 trillion data tokens.
iFood also launched Ailo, an AI recommendation engine designed to personalize promotions and consumption suggestions. “Habit-building isn’t based on money, but on product experience,” Barreto said.
The return of 99Food and the Brazilian debut of Keeta, owned by Chinese delivery giant Meituan, intensify competition. Barreto rejected aggressive price wars as a long-term strategy, emphasizing innovation as the company’s main differentiator. “The only way to stand out and reach leadership is by innovating. Any other path is not sustainable.”
He also dismissed entering legal disputes over restaurant exclusivity currently involving rivals at antitrust regulator Cade. “Exclusivity should only exist where we invest and expect a return on capital,” he said.
M&A and diversification beyond food
iFood is in talks to acquire two Brazilian technology firms and plans to invest at least $100 million in tech acquisitions over the next 12 months.
The company is also accelerating its marketplace expansion into non-food segments. Over the past year and a half, convenience and beverages grew 250%, pharmacy sales 80%, and supermarket deliveries 60%. Upcoming categories include pet products, flowers and gifts. Fashion and accessories may follow under a gifting strategy. “Do not see me as a competitor to Mercado Libre — see me as a convenience solution,” Barreto said.