Zoop, a pioneering B2B FinTech, has received authorisation from the Brazilian Central Bank which will enable them to act as a Payment Institution, and an electronic currency issuer (EMI).
The move will enable Zoop to begin offering its direct bill payment, Pix as a service, enhancing its position within the market and unlocking new opportunities, through its newfound direct access to the Brazilian Payment and Instant Payment Systems.
The announcement also will see the Brazilian organisation be able to expand its capabilities, as it is now expected to offer consumers a direct bill settlement, core banking solutions, and innovative services within the scope of open finance, such as ITP as a service.
The granting of the IP license was published in the Official Gazette of The Union, and is set to allow Zoop to develop new financial services infrastructure solutions.
Fabiano Cruz, CEO and founder of Zoop, said, “By obtaining this license, Zoop will be able to offer more comprehensive and personalised financial solutions to customers and partners, meeting growing market demands. This achievement also strengthens our position as a leader in the B2B financial services sector.
Between 2018 to 2022, Zoop multiplied its gross revenues exponentially and remarkably surged its processed payment volume by over 535 times. The total processed volume in the payment market reached an astounding BRL 200bn (USD 40bn) from early 2018 until September 2023. Additionally, the FinTech managed over 280 million transactions via Pix using its payments and banking platforms.
The firm currently caters to a network of more than 10m Brazilian merchants, linked with 700 direct partners.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global