Airfox announces SEC settlement and compliance update
Boston FinTech expands digital banking platform with U.S. regulatory compliance
Airfox today announces an update on its settlement with the U.S. Securities and Exchange Commission (SEC) related to the issuance of AirTokens in its 2017 initial coin offering (ICO). As part of the settlement, a claims process was made available to individuals who acquired AirTokens from Airfox during the ICO. The rescission period officially came to a close on September 28, 2019. All claims forms were processed in accordance with the terms and provisions set forth in the SEC Order, and Airfox will pay all eligible claims by December 28, 2019.
“We are very excited that Airfox is the first company to settle with the SEC and comply with its mandate while still growing our business and expanding our platform,” said Victor Santos, CEO and founder, Airfox. “Thanks to our community’s support, Airfox has continued to thrive, having launched mobile-first banking services for emerging markets starting with Brazil. banQi, our newly rebranded mobile banking app has currently enabled lower-income Brazilians to successfully receive free banking and soon more affordable and accessible credit. Airfox has also deepened our partnerships with Via Varejo and Mastercard to continue our mission to accelerate financial inclusion in Brazil.”
There were around 2,500 ICO participants in 2017, and Airfox received only 174 claim forms during the claims period. Of those claims, 93% (163) have been accepted. No claims received before the deadline were denied based on typographical errors or minor inconsistencies.
Airfox remains focused on its ultimate goal of creating an inclusive new mobile banking system that benefits all, especially those that lack access to traditional financial institutions. This year, Airfox secured new high-profile partnerships — including contracts with mobile payment leaders Mastercard and Cielo — that expand on its existing partnership with Brazilian retail giant Via Varejo. The new Airfox contracts support continued growth of its teams in both Boston and Brazil, and accelerated execution on its mission to increase access to high-quality financial services. Airfox remains committed to its blockchain initiatives and its vision to build a decentralized peer-to-peer lending solution to underwrite more affordable capital to bottom of the pyramid Brazilians who lack access to affordable credit.
Airfox is on a mission to accelerate financial inclusion for the underbanked in emerging economies by creating an entirely new financial services model that democratizes access to capital and financial services with a mobile-first solution. Airfox is a venture-backed, financial technology company incubated at TechStars and launched in Harvard Launch Lab by a Brazilian immigrant who’s working to provide solutions to a problem he experienced personally. Airfox is based in both Boston and São Paulo. To learn more about the company visit www.airfox.com.
Airfox Media Contact: Ashley Nakano, email@example.com