Zoop Receives Authorization from Brazilian Central Bank

Published 6 months ago

Leading Brazilian fintech Zoop has been authorized by the local Central Bank as a Payment Institution (Instituição de Pagamento (IP)) and an electronic currency issuer (EMI). This significant development was officially announced in the Official Gazette of The Union.

Opportunities for Zoop

This authorization presents several new business opportunities for Zoop and further cements its position in the market. The company now has direct access to the Brazilian Payment System (SPB) and the Instant Payment System (SPI), paving the way for the development of innovative financial services infrastructure solutions.

Zoop plans to use this new endorsement to expand its product and service offerings. These include direct bill settlement, instant payment methods such as Pix as a service, core banking, and innovative services within the scope of open finance, like ITP as a service.

Enhanced Financial Solutions

Fabiano Cruz, CEO and founder of Zoop, stated that the license would allow the company to offer more comprehensive and personalized financial solutions to customers and partners. He emphasized that this achievement strengthens Zoop’s position as a leader in the B2B financial services sector.

Zoop is recognized for providing a complete “fintech as a service” platform, combining cutting-edge technology with full regulatory compliance. The platform offers hundreds of APIs spanning payments, banking, credit, and dozens of advanced SDKs, enabling clients to create, supply, and manage their financial services brands.

Successful Projects and Financial Performance

Zoop has made its mark in the financial market with several significant projects. These include the development of the technological infrastructure for financial services for the iFood Restaurant Bank, payment solutions for Itaú Shop, and the development of the “tap-to-pay” solution for Nubank.

The acquisition of the IP License marks a significant milestone for Zoop, which has been operating successfully for ten years. The company has shown strong financial performance, with positive EBITDA, cash generation, and profitability, along with exponential volume growth.

Growth and Expansion

Zoop has seen substantial growth in its gross revenues, which have increased around 50 times from 2018 to 2022. The volume of payments processed by the company has grown by more than 535 times. Zoop’s total processed volume (TPV) in the payment market reached over BRL 200 billion (USD 40 billion) from the beginning of 2018 until September 2023.

Currently, Zoop serves more than 10 million Brazilian merchants, connected to 700 direct partners.