PayU acquires ZOOZ to create ‘global standard payments infrastructure’

PayU has acquired Israel-based payments technology platform ZOOZ, supporting its expansion into high-growth markets.

This deal brings PayU’s total value of its acquisitions and investments in the FinTech space to over $350m since the start of its global strategic moves in 2016.

Together, ZOOZ and PayU will build a ‘global standard payments infrastructure’ which can support the evolving merchant and payment industry. Some of the immediate services offered will be fraud management and real-time reporting.

As part of the deal, ZOOZ co-founder and CEO Oren Levy and CTO Ronen Morecki will become part of PayU’s global leadership team. In this position, the pair will focus on technology and business development. ZOOZ’s team of 70 people will also become a part of PayU.

The investment follows a partnership between the two companies which saw PayU merchants gain access to 2.3 billion new customers via the ZOOZ-designed PayU Hub platform.

PayU is an online payments provider which currently operates in 17 markets across Asia, Central an Eastern Europe, Latin America, the Middle East and Africa. Its PayU Hub is a global, borderless online payment solution which can be used by merchants by a single API integration.

The company also has a credit division which gives consumers and small businesses access to lines of credit.

ZOOZ is an open payments platform which givers commerce companies a single location for all their international payment processes.

Its solution gives merchants and PSPs the ability to connect multiple payment options, and gain insights through advanced analytics on transactions.

ZOOZ co-founder and CEO Oren Levy said, “After a year-long, productive partnership, our shared vision to create a new global standard in payments infrastructure is becoming a reality with PayU’s acquisition of ZOOZ.

“The unique contribution we bring to PayU is an advanced technological layer which not only helps merchants worldwide to upscale their operations and provide a better customer experience, but also offers analytics and optimization capabilities that equip them with unprecedented insights.”

Last year, PayU led the $115m Series D funding round of digital remittance company Remitly.

Copyright © 2018 FinTech Global

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