Zoop
A Building Block for Smooth Banking and Transactions

The Brazilian financial service market is known to be highly concentrated, with the country’s five largest banks holding an 80 percent market share in the credit and banking industry. Although a vast majority of the Brazilian population resides in cities, a study conducted by the largest of these private banks has revealed that over 40 percent of this populace remains excluded from traditional banking systems. However, the benefits of easily accessible online transactions can help organizations to utilize this untapped reservoir and immensely improve their revenue, which in turn can quickly cascade into building a nation’s economy.

To aid companies in this endeavor, Zoop was founded with the vision of developing a platform that could help democratize access to financial service and, simultaneously, allow companies to create new payment and banking solutions. In a market where the world’s most successful organizations such as Walmart and Amazon are competing for FinTech dominance, Fabiano Cruz—Co-Founder and CEO of Zoop—realized that other companies that tread the same path need a transparent, hassle-free platform as a stepping stone to establishing an optimal e-commerce software.

Similar to how AWS (Amazon Web Services) took the cloud industry by storm in allowing even small business owners to create web and application servers effortlessly, Zoop’s platform is set to change the pace of the Fintech landscape by actuating firms to develop their customized online transaction and banking solutions easily. “Our platform enables even startups to create their own bank or payment infrastructure without the added worry of compliance and complex integrations,” says Cruz. Zoop’s solution is a cloud-based platform-as-a-service aimed at smoothening B2B financial interactions. Zoop’s offerings stretch across payment-as-a-service, banking-as-a-service, and credit-as-a-service. Underlying all three business units is the company’s risk and compliance service that eliminates the need for clients to adapt to a highly regulated industry. The white-labeled, API-integrated platform serves as a foundation for customers to build customized FinTech solutions that can even be used at the point of sale (POS) terminals.

Zoop partners can use the solution at these terminals without the need for software maintenance and can also count on the availability of transactional information for their companies’ needs. Performing the role of a digital bank, the Zoop platform also allows businesses to move money between salespeople and users while ensuring that businesses automatically comply with certifying entities, industry regulations.

“Plugging into Zoop’s various inbuilt APIs, clients can economically create their payment and financial services infrastructure in a matter of days, and set up their solutions to run in a few weeks,” adds Cruz. This aspect of simplicity in the platform allows even organizations that are not inherent to the fintech space to capitalize on the advantages of digital transactions. Consider the case of iFood, a massive online food delivery portal partnered with over 200,000 restaurants in Brazil. Although the company has an app that customers can use to order food, partnered restaurants found it bothersome in connecting to a traditional banking platform for their monetary needs. Since iFood did not have the expertise needed to build such a platform, they partnered with Zoop to develop new financial systems. Now, iFood offers a solution that client restaurants can use to store online credit, and allows their customers to complete transactions via a digital wallet. While Zoop manages the financial and the related regulatory back-end of the business, iFood can focus on what they do best—help restaurants deliver food and create a great customer experience.

The team at Zoop has years of experience in the FinTech sector and strives to create innovative products that facilitate trade through the company’s ecosystem of partners operating in different industries. With 200 of the 320 employees—including Cruz—being engineers, the company is a powerhouse of technological innovations and software development. Zoop’s latest venture with Pix—an instant payment solution provider—is aimed at further revamping the digital transaction landscape in Brazil. Together, they are on the verge of creating a platform that can not only transfer money amongst multiple bank accounts instantly but also enable any partnered client to build customized solutions on this platform.