Zoop, a Brazil-based financial services platform for small companies, has raised R60m ($10.6m) from local internet group Movile and chip developer Qualcomm’s corporate venturing unit.
Movile led Zoop’s round with participation from Qualcomm Ventures and venture capital firm Avalancha Ventures and Darwin Capital. Zoop originally won Qualcomm’s startup Q Prize in 2014, while Movile had previously invested $18.3m in Zoop in 2019 with plans to integrate Zoop across Movile’s mobile app portfolio, such as food delivery service IFoods, Sympla and PlayKids. Movile’s first investment in the company came in early 2018 of undisclosed size.
Founded in 2013, Zoop has more than 500 partners on its platform and forecasted it would process 20 billion transactions by the end of 2020.
