In a significant move for the fintech industry, Zimpler, a leading Swedish Pay-by-bank solutions provider, has been officially recognized as a certified Payment Institution (PI) by the Brazilian Central Bank. This authorization marks a pivotal moment for Zimpler, allowing it to operate within Brazil’s advanced Open Finance ecosystem and providing businesses with innovative payment solutions.
Zimpler’s CEO, Johan Strand, expressed enthusiasm about this development, stating, “We are thrilled to receive this authorization from the Brazilian Central Bank. The recognition of Zimpler as a payment initiator reinforces our commitment to this local market, which offers a great opportunity for growth and value in a very dynamic and competitive environment.”
The authorization further allows Zimpler to act as an electronic money institution, a move that strengthens Brazil’s Open Finance ecosystem. Brazil is recognized as one of the world’s most advanced markets in this sphere, and Zimpler’s entry is poised to enhance the landscape by offering seamless payment experiences that reduce friction and streamline transactions without the need to redirect users to bank apps.
According to Andreas Rentner, Trade Commissioner and Country Manager of Business Sweden in Brazil, “This milestone showcases the strength of Swedish innovation and the mutual benefits that come from closer economic collaboration between Sweden and Brazil. Sweden has long been a leader in financial technology, and we are proud to see companies like Zimpler bring their experience and trusted solutions to contribute to Brazil’s dynamic digital economy.”
Brazil’s Open Finance ecosystem boasts over 64 million active consents and more than 42 million clients, attracting leading fintechs globally. Zimpler’s recent achievement as the first payment initiator for Swish, Sweden’s equivalent of Pix, underscores its capability in revolutionizing financial ecosystems. With its proven technology, Zimpler is set to leverage Pix, one of the world’s most successful real-time payment systems, to unlock new growth avenues in Brazil.
Johan Strand added, “With our experience powering over 80% of Sweden’s population through Swish, we’re bringing the same proven technology and approach to Brazil through Pix. We’re looking forward to helping businesses unlock the full potential of Open Finance in Brazil with seamless, secure payments that drive market growth.”
Zimpler’s strategic expansion is not just about technological implementation but also about fostering significant partnerships across key verticals. The company’s focus on sectors such as iGaming highlights its ambition to capitalize on growth opportunities within Brazil’s burgeoning digital economy.
The establishment of Zimpler’s office in São Paulo in 2022 was a precursor to this certification, laying the groundwork for deeper market penetration and collaboration. As Zimpler continues to expand its footprint, it remains committed to providing cutting-edge financial solutions that empower businesses and consumers alike.
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Note: This article is inspired by content from https://news.cision.com/zimpler/r/zimpler-becomes-certified-payment-institution-in-brazil–strengthens-local-open-finance-ecosystem,c4159263. It has been rephrased for originality. Images are credited to the original source.