Brazilian iFood expects its revenue to increase by more than half next year

Brazilian iFood expects its revenue to increase by more than half next year

Brazilian food delivery company iFood expects revenue from its financial business to increase 52% in fiscal 2025, the company, owned by Dutch technology investor Prosus PRX, reported Thursday.

The delivery company makes more than 80 million deliveries per month in the largest economy in Latin America and also offers financial services such as credit and digital accounts to restaurants that sell on its platform.

Revenue from its financial businesses is expected to reach 658 million reais ($121.3 million) in fiscal 2024, which ended in March, iFood’s press office said.

For the year to March 2025, iFood expects revenue from its financial arm to reach 1 billion reais ($183.7 million)according to a statement from the company, which also noted that the firm would rename all its financial services as iFood Payment.

“We have the mission of being the bank for restaurants,” Bruno Henriques, director of iFood Pago, said in the statement. The delivery company has also started tests to offer point-of-sale terminals for restaurants, with the aim of having around 5,000 terminals distributed in the coming monthswith approximately 20,000 restaurants using them by next March.

The company, founded in 2011, generated total revenue of 7.1 billion reais (US$1.304 million) during fiscal year 2023, which was the last total revenue figure published by Prosus.

Prosus took full control of iFood in 2022 after purchasing the 33% stake that the European food delivery company Just Eat Takeaway had in the Brazilian company for an initial payment of 1.5 billion euros (US$1.61 billion) . Prosus is expected to release its fiscal year results on June 24.