LatamList – Zoop, a B2B fintech company, raised $11.4M led by Movile, the Brazilian tech giant. With the funding, Zoop will continue expanding its digital payments services to companies across Latin America.
Zoop offers financial services such as banking, online payments, and credit services. The platform recently launched several new features, including Banking as a Service (BaaS), to compliment its wider portfolio of online payments services.
“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.
Movile is dedicated to improving financial services in Brazil and Latin America, and has invested around $18M (R$100M) into the sector. The funding round is Movile’s third investment in the company.
“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 that 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,” said Patrick Hruby, CEO of Movile.
Zoop currently has more than 500 partners using its platform and experienced a total payments volume growth of 140% in the past 12 months. The company expects to process 20 billion transactions on the platform by the end of the year.
