Israeli payment technology provider Zooz has closed a $24 million financing round led by Target Global Ventures and included Fang Fund, iAngels, Kreos Capital and existing investors Blumberg Capital, lool ventures, Rhodium, Claltech (Access Industries’ Israeli tech vehicle), XSeed Capital, CampOne Ventures and angel Eilon Tirosh. Zooz will use the funding to accelerate its growth, develop new products, open new markets, and increase its presence in existing markets.
ZooZ CEO Oren Levy and CTO Ronen Morecki founded the Ra'anana based company in 2010. The company has raised $40 million to date and has 80 employees and plans doubling this number over the next year.
Levy said, “We would like to thank our investors for supporting our vision for innovation in the payments sector. Retailers now understand the need for smart payment platforms that can help them expand into new markets quickly and cost-effectively, and that is where we excel.”
“As the global payments market continues its exponential growth, Zooz is well positioned to play an even larger role,” said Shmuel Chafets, General Partner of Target Global Ventures. “The company’s innovative technology optimizes and simplifies the payments process, meeting a crucial industry need that will only increase.”
Zooz has grown considerably since its last round in July 2014 and has opened offices in London, Berlin and San Francisco. The new funding will help the company to continue building its global customer base, enhancing and evolving its products which serve some of the world’s leading companies.
In today’s age of global commerce, relying on a single payments provider can lead to high international credit card fees and decline rates. However, integrating with multiple solutions has always been difficult, expensive and time-consuming. The Zooz platform overcomes these obstacles by connecting merchants to multiple financial and technological entities and payment methods, and Smart Routing each payment to the most appropriate provider for that transaction. Zooz’s merchant customers also benefit from its Insights offering, which provides intelligent analysis based on customer transactional data.
Published by Globes [online], Israel business news - www.globes-online.com - on May 3, 2016
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