ZooZ, creator of an inner app payment processing technology, believes it has the answer to plugging the leaks of the mobile sales process
Israeli start-up company ZooZ , the developer of an in-app payment platform for Mobile applications, announced today (Tuesday) the completion of their series B funding round, valued at $2M. This is the second financing round forthe company, following an initial round of funding in back in November 2011 for $1.5M, bringing the total amount raised to $3.5M.
The round was led by venture capital firm XSeed Capital, along with exisiting investors including Lool Ventures, Rhodium, Kima Ventures, Orefa Investment, Jiana Capital and PM Holdings, as well as private investors Yuval Tal and Eilon Tirosh .
ZooZ will use the money raised in this funding round to add additional functionality to the product, increase awareness of the company among business owners and retailers, strengthen new and existing partnerships and build the company’s presence in the global payments market.
ZooZ is also planning to split its operations and transfer a number of office personnel to the US.
Secure digital clearing system within the app
ZooZ’s platform enables application developers to integrate digital clearing systems within their apps using the SDK offered by the company. The SDK allows for embedding of the application on both iOS and Android based systems.
According ZooZ, one of the main advantages of this service is that once the functionality is embedded, the entire payments process takes place within the app itself, rather than having to deal with a Web interface. The Checkout phase is on a screen popup, and after completing the sale, the focus of the user returns directly to the application. A similar process can be seen in Google’s Play Store.
Recently, many app stores were added, allowing users to purchase products via their smartphones. The ability for companies to allow their users to purchase goods while still on their app – not having to navigate away to do so – streamlines the sales process in such a way as to avoid users breaking off from the sales process mid sale, ultimately leading to more sale completions.
The company was founded in 2010 by President and CEO, Oren Levy and CFO, Ronen Morecki – former VP of R&D at VeriSign global. Ronen’s extensive experience with VeriSign’s solution differentiates the company from the rest of the App Purchases market in that it focuses on security and preventing fraud, and thus ensures a better alternative for retailers and developers over other solutions on the market.