Swedish fintech firm Zimpler has strengthened its reach in Latin America (LatAm) by opening a new office in Sao Paulo, Brazil.

This is the company’s first office outside Europe.

The Swedish fintech firm will use the new location to better serve clients in the local and regional markets.

The company, which has eight branches across Europe including Sweden and Malta, aims to launch its instant payments offering in Brazil later this year.

The proposed offering will be developed on the basis of the Brazilian central bank’s PIX technology.

The incorporation of PIX and Zimpler’s offerings will consolidate the transaction chain, stated Zimpler.

It will also help Zimpler to allow instant settlement with the retailers, thereby minimising dependency on cards and related transaction charges.

A new study by the company revealed that 47% of online consumers in Brazil abort online shopping because of issues with the processing of e-commerce payment.  

Zimpler CEO Johan Strand said: “Zimpler’s ambition is to shape Open Banking in Latin America, and I am glad to finally be able to announce that we’re taking the first step towards that by establishing our LatAm headquarters in São Paulo.”

The latest development follows an alliance between Zimpler and fintech startup Gigapay to provide content creators with an improved payout management system.

Zimpler general manager for Latin America Raoul Mehta said: “The pace of e-commerce adoption has been rapid in Latin America, particularly in Brazil, thanks to the Brazilian central bank’s digital PIX initiative.

“However, there were lingering issues around security, accuracy and speed that Zimpler’s technology has solved, providing consumers and retailers confidence when transacting online.”