Brazil's Livelo Hits $1.27bn as Bank Loyalty Shifts Beyond Travel
The Brazilian rewards joint venture has reached $1.27 billion in annual revenue by pivoting away from airline miles, offering its bank owners a growing fee-based income stream.
Livelo, the rewards platform jointly owned by Bradesco and Banco do Brasil, generated 6.5 billion reais ($1.27 billion) in revenue last year. The figure represents roughly ten percent annual growth, marking the company's evolution from a captive credit-card perk into a broad financial payments network.
For the two banking heavyweights, this expansion provides a high-margin, fee-based buffer against the inherent volatility of traditional lending. This diversification is particularly relevant for Banco do Brasil, whose net income declined to 13.7 billion reais in 2025 from 29.9 billion reais in 2023. A loyalty platform that drives recurring, non-interest income directly supports the banks' wider commercial relationships.
When launched in 2016, Livelo functioned almost entirely as an airline-miles scheme tied to its founders' credit cards. That model has been upended. Today, 65 percent of its revenue comes from outside the two banks, and 85 percent of customer transactions no longer involve an airline. Only about 60 percent of points are now spent on travel.
The mechanics of earning and burning points have shifted to mirror broader consumer payment habits. The platform now integrates with Brazil’s Pix instant-payment system, allowing shoppers to accumulate points at partner stores without a credit card. Points are increasingly framed as a liquid financial asset rather than a travel perk, redeemable for retail goods or cash via Pix.
This broadened utility has attracted a massive network. Livelo now partners with 600 companies, including Uber, Casas Bahia, Magazine Luiza, and Drogasil. It has also expanded beyond its founders to partner with 26 financial institutions, dramatically widening its data and customer reach.
A significant driver of the recent revenue mix is the corporate sector, which now accounts for 20 percent of Livelo's total revenue. The company sells loyalty and incentive programs directly to external businesses, reporting conversion rates near 30 percent for some campaigns. This positions the platform as a highly efficient, data-driven customer-acquisition channel that undercuts the cost of traditional marketing.
The scale of this operation was on display in June, which coincided with Livelo's tenth anniversary and the World Cup. During that single month, roughly eight million customers earned points and two million made redemptions across the network.
Looking ahead, management has set a 2030 revenue target of 11 billion reais ($2.15 billion). Reaching that benchmark implies total growth of roughly 70 percent, or about 14 percent annually. To achieve this, Livelo is betting heavily on technology, noting that 80 percent of its staff now use artificial intelligence daily to optimize how customers earn and spend points.
