Merchant acquiring startup Zooz raises $12 million investment round
16 July 2014 | 2326 views | 0
Zooz, a smart payment technology provider, today announced that it has closed a $12 million round of investment.
The round was led by Blumberg Capital, with participation by existing investors including XSeed Capital, lool ventures and Rhodium, as well as new investors Access Industries and Camp One Ventures. Zooz will use the funding to continue creating innovative technology, scale up operations and open new offices.
"There is clearly a need for an advanced payment technology that can help businesses stay ahead of their competition through optimization and technology differentiation, and that is where Zooz excels," said Alon Lifshitz, Partner at Blumberg Capital, who will be joining Zooz as a board member. "We have been very impressed by their innovations and rapid growth in the global payments market."
Zooz enhances and optimizes the existing payment infrastructure of enterprise-class retailers, enabling them to accept payments efficiently and flexibly for competitive rates across online and in-store channels. Zooz's Smart Routing solution connects retailers to multiple acquirers and payment methods through a simple integration, resulting in a seamless payment experience across all channels for retailers and their customers.
"We appreciate the confidence of our investors, both new and old, as we continue to forge our leadership position in this developing industry," said Oren Levy, CEO of Zooz. "This round demonstrates that there is a recognized market need for payment platforms that can help retailers navigate the challenges associated with globalization, omni-channel retail, and coordination between multiple financial institutions."
Zooz allows retailers to create a personalized user experience - both in-store and online - through the consolidation of consumer data. When a customer payment is made over Zooz's platform, the payment details are securely stored so that future payments made through different channels can be linked to the original user. This user information provides retailers with essential insights that can be used to create personalized shoppinhopping experiences and increase conversion rates.
Zooz has thousands of retail customers worldwide, and is level 1 PCI compliant.