Zimpler secures Brazilian Payment Institution certification
Zimpler Becomes a Certified Payment Institution in Brazil
Zimpler, a leading Swedish Pay-by-Bank solutions company, has secured authorization to operate as an electronic money institution in Brazil. This move marks a significant step forward in Zimpler's expansion into the South American market.
The authorization, granted by the Brazilian Central Bank, allows Zimpler to facilitate payments and other resources within the Open Finance ecosystem. This certification positions Zimpler to offer compliant payment services in Brazil, seizing opportunities in a market projected to reach $5.8 billion by 2027 in iGaming alone.
Andreas Rentner, Trade Commissioner and country manager of Business Sweden in Brazil, highlighted the strength of Swedish innovation and the mutual benefits that come from closer economic collaboration between Sweden and Brazil. He welcomed Zimpler, one of the most advanced payments fintech from Sweden, to Brazil.
Zimpler's technology and approach are being brought to Brazil through Pix, one of the most successful real-time payment systems in the world. In fact, Zimpler has become the first payment initiator for Swish, the Swedish equivalent of Pix.
Johan Strand, chief executive officer of Zimpler, expressed excitement about the authorization from the Brazilian Central Bank. He emphasized that this is another step in strengthening Zimpler's foundation in Brazil.
The Brazilian Open Finance ecosystem, known for its innovation, now welcomes Zimpler. Consisting of more than 64 million active consents and over 42 million clients, the ecosystem offers a great opportunity for growth and value.
Zimpler sees strong growth potential in the igaming sector in Brazil. The company remains focused on expanding its footprint and deepening its partnerships across key verticals such as igaming. With this authorization, Zimpler aims to provide seamless and regulated pay-by-bank solutions tailored to Brazilian consumers and businesses, leveraging its expertise from the Nordic markets and strategic acquisitions like Brazil's VMtecnologia to support this Latin American expansion.
The company also emphasizes embracing advanced payment technologies, including the use of AI and back-office automation to enhance services and efficiency, adapting their Nordic payment innovation approach to Brazil's regulated environment. Their strategy includes building strong customer relationships within niche regulated industries and applying their open finance capabilities to integrate deeply with Brazil’s evolving financial infrastructure.
In summary, Zimpler’s growth prospects in Brazil are anchored on its newly acquired regulated status enabling compliant operations, expansion through local partnerships and acquisitions, focus on high-growth segments such as iGaming, and advanced tech adoption for optimized payment solutions integrated with Brazil’s Open Finance ecosystem. These factors collectively signal strategic and scalable growth ambitions in one of Latin America’s emerging fintech hubs.
[References] [1] Business Sweden. (2023). Zimpler expands to Brazil. [online] Available at: https://www.businesssweden.se/news/zimpler-expands-to-brazil/ [2] Open Finance Brazil. (2023). Open Finance Ecosystem. [online] Available at: https://openfinancebrazil.org/ [3] Zimpler. (2023). Zimpler secures Payment Institution licence in Brazil. [online] Available at: https://zimpler.com/news/zimpler-secures-payment-institution-licence-in-brazil/
- Zimpler's focus on expanding its reach in the South American market is further bolstered by their acquisition of a Payment Institution licence in Brazil.
- This development signals a significant leap for Zimpler, enabling them to offer compliant payment services in Brazil within the Open Finance ecosystem, an innovation-driven environment that houses more than 64 million active consents and over 42 million clients.
- The collaboration between Zimpler and Brazil, reinforced by their adoption of Pix, one of the most successful real-time payment systems globally, will undeniably bring advancements to the Brazilian finance sector.
- With their sights on the burgeoning igaming sector in Brazil, Zimpler intends to integrate deeply with Brazil’s financial infrastructure, providing tailored pay-by-bank solutions to both consumers and businesses.
- To attain this goal, Zimpler plans to leverage its expertise from the Nordic markets and strategic acquisitions like Brazil’s VMtecnologia, while embracing advanced payment technologies such as AI and back-office automation.
- By partnering with key players in various verticals and adapting their open finance capabilities to the regulated environment of Brazil, Zimpler aims to foster long-term growth and value in one of Latin America’s emerging fintech hubs.
