Brazilian fintech Zoop raised $34 million round from Movile
Summary
Zoop develops financial solutions for other companies in three segments – payments, Banking as a Service (BaaS) and credit. With it, the food tech started offering digital accounts for partner restaurants, through which establishments can obtain loans from iFood, among other services. Through our comprehensive platform that is constantly updated to meet all Brazilian regulations, companies from any segment can offer safe, high-quality financial services to their own customers, which are generally SMBs,” said Fabiano Cruz, CEO and co-founder at Zoop. READ ALSO: VC investors were decidedly bullish on Latin America despite pandemic’s challenges With more than 600 partners registered on its platform, Zoop reported a growth of 150% in 2020 compared to the previous year, an increase that fintech attributed to the rise of digital transactions due to the pandemic, and to the evolution of the Brazilian financial system itself, which had two great moments recently: the launch of the PIX, the Brazilian instant payment system, and the beginning of the Open Banking. Patrick Hruby, CEO of Movile, explains that the company has created a fintech division to looking at this sector strategically.