The B2B fintech grew its Total Payment Volume (TPV) by 140 percent during the last 12 months. Zoop will use the new funding to further accelerate the growth of its payments, banking and credit verticals
Movile, one of Latin America’s leading investors and growth accelerators for technology companies, announced the company led a new investment of R$ 60 million in Zoop, a leader in financial services for the B2B market. This is Movile’s third investment in the company since early 2018. Zoop will use the new round of funding to accelerate the growth of the group’s fintech vertical by speeding the rollout of new digital payments, banking and credit for its customers within Zoop’s secure and certified framework.
Zoop operates in mobile payments, banking as a service (BaaS) and credit. Its platform and products combine technology and regulatory compliance, allowing any company — be it a startup, a marketplace, or even a large enterprise — to create and offer its own branded financial services (white label) in a simple, efficient and secure way. Zoop’s technology platform is the behind-the-scenes infrastructure for a growing number of new fintech offerings across Latin America today.
According to Patrick Hruby, CEO of Movile, fintech is the main focus for the group’s expansion today: “There is an immense opportunity in the years ahead to improve financial services and enable broader access for businesses of all sizes and we want to ensure we are at the forefront of the transformation. In particular, there is massive growth potential to serve the needs of small and medium-sized companies. This additional investment will further strengthen and expand the services offered by Zoop, enabling its partners to offer more complete and integrated financial services,” said Hruby.
Fabiano Cruz, CEO and co-founder of Zoop, said the company grew 140 percent in TPV (total payment volume) compared to the previous year, in addition to attracting more than 40 new partners during the pandemic. Zoop recently launched several innovative products, such as the Banking as a Service (or BaaS) vertical, which completes a wider portfolio of products and services for payments and credit.
“We believe that any company, in any sector, will be able to add new revenue lines by offering digital accounts, prepaid cards, withdrawals, transfers, bill payments, instant payments (PIX) and a series of other products and services available on the white-label technology platform from Zoop. We want our business partners to design, incorporate and operate financial products under their own brands, and we enable them to create innovative financial services for their customer base,” said Cruz.