Business
Key Facts
—The business. Livelo posted R$6.5 billion ($1.27 billion) in revenue last year, up about 10%.
—The owners. Livelo is jointly owned by Bradesco and Banco do Brasil, two of the country’s largest banks.
—The pivot. Only about 60% of points now go to travel, down from nearly all of them at launch.
—The scale. The program has more than 60 million customers and over 600 partners across retail, banking and travel.
—The target. Management aims to nearly double revenue to R$11 billion ($2.15 billion) by 2030.
—For foreigners. Points earned on Brazilian cards can now buy retail goods or convert to cash, not just flights.
Brazil’s biggest Livelo rewards program has quietly grown from an airline-miles scheme into a business worth billions. Its owners are two of the country’s largest banks.
Livelo was created in 2016 by Banco do Brasil and Bradesco as a points program tied to their credit cards. Ten years on, it has turned into a much broader rewards and payments platform.
The company closed the last year with revenue of six point five billion reais, about one point two seven billion dollars. That was roughly ten percent higher than the year before, its chief executive told the Brazilian outlet Exame.
Its reach is large by any measure. Livelo now counts more than sixty million customers and over six hundred partner companies spanning retailers, banks, airlines and app-based services.
How the Livelo rewards model changed
At launch, almost every point came from the two banks’ cards, and nearly all redemptions went to airline tickets. That picture has shifted sharply.
Today around sixty-five percent of Livelo‘s revenue comes from outside the two banks. Only about sixty percent of points are now spent on travel, with the rest going to marketplaces, products, payments and experiences.
Measured by number of transactions, the shift is starker still. The company says roughly eighty-five percent of customer operations no longer involve an airline at all.
The partner list now includes Uber, Casas Bahia, Magazine Luiza and the drugstore chain Drogasil. Livelo has also expanded from its two founding banks to partnerships with twenty-six financial institutions.
The way customers earn points has widened too. Shoppers can now collect points even when paying by Pix, Brazil’s instant-payment system, at many partner stores rather than only with a credit card.
The company frames points as a financial asset rather than a travel perk. The idea is that a shopper redirects spending they would do anyway toward a Livelo partner and extracts extra value from it.
Why the Livelo rewards story matters
The health of Livelo feeds straight back to its bank owners. Both Bradesco and Banco do Brasil sit among the heavyweights of Brazil’s stock market, and a growing loyalty arm adds a fee-based stream alongside their lending.
The corporate side is now a real business in its own right. A unit selling loyalty and incentive programs to companies already accounts for about twenty percent of Livelo’s revenue.
The company says some corporate campaigns reach conversion rates close to thirty percent. That makes the platform a cheaper customer-acquisition tool than many traditional marketing channels.
June was a standout month, coinciding with Livelo’s tenth anniversary and the World Cup. Around eight million customers earned points in the period and roughly two million made redemptions.
Management’s 2030 goal is to lift revenue to eleven billion reais, about two point one five billion dollars. Reaching it from today’s base implies growth of roughly seventy percent, or around fourteen percent a year.
Technology is central to that plan. Livelo says about eighty percent of its staff now use artificial-intelligence tools daily, and it is building systems to recommend the best way for each customer to use their points.
For a foreign resident, the practical takeaway is simple. Points earned on a Brazilian card are no longer just for flights, and can increasingly be turned into retail goods or cash through the instant-payment system Pix.
Who owns the Livelo rewards program?
Livelo is a joint venture of Banco do Brasil and Bradesco, held through a shared holding company. The two banks split ownership almost evenly, with Bradesco holding a fraction more than half.
Can Livelo rewards points be used for more than flights?
Yes, and increasingly so. Members can redeem points for products in an online store, pay at partner shops, or convert points into cash sent through Pix, in addition to booking travel.
Why should investors care about a loyalty program?
Because it is a sizeable, fee-earning asset owned by two listed banks. A rewards platform that keeps customers spending through partner channels supports the banks’ wider relationships and adds income that does not depend on lending.
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Frequently Asked Questions
Who owns the Livelo rewards program?
Livelo is jointly owned by Bradesco and Banco do Brasil, which are two of the country's largest banks. The program was created by these two banks in 2016.
How has the Livelo rewards model changed since its launch?
At launch, nearly all redemptions went to airline tickets, but now only about 60% of points go to travel. Points earned on Brazilian cards can now also buy retail goods or convert to cash.
What is the scale and revenue target for Livelo?
Livelo has more than 60 million customers and over 600 partners, posting R$6.5 billion in revenue last year. Management aims to nearly double revenue to R$11 billion by 2030.
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