B2B FinTech Zoop raises $ 60 mn investment led by Movile

B2B FinTech Zoop raises $ 60 mn investment led by Movile

Zoop, a White Label technology company offering payment and financial services has announced that the company has raised $60 million through a new investment led by Movile, one of Latin America’s leading investors and growth accelerators for technology companies.

The move marks Movile’s third investment in the company since early 2018. Zoop will use the new investment to accelerate the growth of its FinTech vertical by speeding the rollout of new banking, digital payments, and credit for its customers within Zoop’s secure and certified framework.

Founded in 2013, Zoop operates in mobile payments, banking as a service (BaaS) and credit. Its platform and products combine technology and regulatory compliance, allowing any company irrespective of size to create and offer its own financial services (white label) in a simple, efficient and secure way.

“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 Patrick Hruby, CEO of Movile.

Movile is focused on 3 main FinTech offerings specifically for SMB companies: payments, banking and credit. Zoop plays a significant role within this focus, as it acts as the technology platform to enable payments and financial services that allow online marketplaces,retail companies, and B2B businesses to become FinTech companies.

“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 Fabiano Cruz, CEO and co-founder of Zoop.

Zoop has shown a growth of 140% in TPV (total payment volume) compared to the previous year and has attracted more than 40 new partners during the pandemic. The company recently launched several innovative products, such as the Banking as a Service (or BaaS) vertical, which completes a broader portfolio of products and services for payments and credit.

“Zoop is at the heart of the financial services transformation and has enabled the emergence of thousands of new businesses. With Movile’s new investment, we will continue to exponentially grow the products and services available on our “fintech as a service” B2B platform and offer partners the best technologies to manage the complex regulatory framework,” said Cruz.

Source: IBS Intelligence

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