Brazilian fintech Zoop receives US$34 million from Movile to expand operations

RIO DE JANEIRO, BRAZIL – Zoop, a payment methods and financial services technology company, announced Wednesday that it has received R$170 million (US$34 million) from Movile Group, which it will use to expand its operations.

This is the third investment since 2018 in Zoop from Movile, a strategic investor in companies such as iFood, Sympla, and PlayKids.

“With this latest contribution from Movile, we will make new investments in technology to develop solutions for our partners, which already total 640,” Zoop CEO and co-founder Fabiano Cruz said in a statement.

The contribution includes new primary resources injected into the fintech and also the purchase of shares from some of the startup’s existing investors, such as Darwin Capital.

Last year, Zoop reached R$20 (US$4) billion processed in the payments sector and recorded a business growth of 150% over 2019.

“We intend to maintain our rapid growth rate, keeping up with market news and offering the best products and services to support the expansion of the ‘fintech-as-a-service’ trend in the country,” Cruz added.

Zoop is a leading fintech company in financial services technology for the B2B market, operating in three segments: payments, banking as a service (BaaS) and credit.

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