In a story originally reported by Reuters and brought to our attention by LAVCA, Movile, Latin America’s mobile leader, has invested US$18.3M in Brazilian fintech startup, Zoop, to integrate the technology into Movile‘s new platform. Movile’s goal is to help Zoop become a payments leader by investing in their efforts to scale and grow the company.
Zoop is already being integrated into Movile’s suite of apps, which has occasionally struggled to manage and process payments. Zoop uses “white label” fintech to allow Movile to develop custom payment platforms for each of its apps, including iFood, Sympla, and PlayKids. In 2013, Zoop was also one of the most highly awarded startups from the region and was the first to use its platform to facilitate magnetic stripe, EMV chip and PIN, NFC and contactless payments.
Movile expects Zoop to undergo explosive growth, processing a “colossal volume” of payments in the near future. Movile has over 100 million users in the US, France, Mexico, Colombia, Brazil, Peru, and Argentina, and 1600 employees.
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