Business

Brazilian fintech Zoop raises BRL 200 million via Credit Rights Investment Fund

According to Zoop, credit rights investment fund will give the fintech more security and independence, expanding access to financing sources for its clients

Zoop's employees. Photo: Courtesy
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  • Zoop will use the amount to prepay credit card receivables for fintech customers;
  • Dan Faccio, Zoop’s CFO, said that the launch of the fund is an important step in the fintech’s strategy of offering a complete white-label financial services platform to its customers.

Brazilian fintech Zoop announced it raised BRL 200 million through the launch of a Credit Rights Investment Fund (FIDC, in Portuguese), a financial solution widely used in Brazilian credit markets, a type of fund composed of receivables from different kinds of issuers.

With that, Zoop will use the amount to prepay credit card receivables for its customers, expanding the access of these partners to sources of financing. With some of the country’s largest financial institutions as investors, the fund, called Zoop I, is restricted and had a total demand of BRL 500 million, almost 3 times greater than the fund’s offer, which allowed the company to optimize commercial conditions.

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In a press statement, Dan Faccio, Zoop’s CFO, said that the launch of the fund is an important step in the fintech’s strategy of offering a complete white-label financial services platform to its customers.

“The fund will provide more security and independence for Zoop to prepay receivables to its customers, who are already more than 560 active partners. With our fintech as a service model, we serve more than 250,000 establishments. Our goal is to be a strategic partner for our customers, helping to provide credit and boosting their business,” he said.

The announcement comes after a year of significant growth for Zoop. In 2020, the company launched new verticals, won over 40 new customers, and raised a BRL 60 million round from Movile Group and Darwin Capital. In just two years, the company has increased its growth fourfold.

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“Today, the volume of prepayment of receivables from Zoop is already greater than the volume of this fund, so we expect that new series of the fund will be captured over the next few months,” stressed the CFO.

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