The payment technology company gets an investment led by Blumberg Capital to continue developing its product and expand its reach globally
Payment technology provider Zooz has gotten a big payment of its own this week, announcing on July 16 that it raised $12 million to continue developing its technology and scale its operations.
Blumberg Capital led the financing round. Existing investors XSeed Capital, Lool Ventures and Rhodium, and new investors Access Industries and Camp One Ventures also participated in the funding.
“We appreciate the confidence of our investors, both new and old, as we continue to forge our leadership position in this developing industry,” Oren Levy, CEO of Zooz, said in a statement. “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 enhances existing payment infrastructure of enterprise-class retailers, helping them accept payments at competitive rates across online and in-store channels. Its Smart Routing solution connects retailers to multiple acquirers and payment methods through integration, which it said results in a seamless payment experience for all channels and retailers and their customers.
The technology also helps retailers consolidate consumer data and create personalized user experiences for in store and online purchases. When customers make payments over Zooz’s platform, the details are stored securely so future payments made through different channels can be linked to the original user. This information provides retailers with insights that can help retailers create personalized shopping experiences and increase conversion rates.
With thousands of retail customers worldwide, Zooz is level 1PCI compliant (payment card industry compliant), so the use of its technology is safe all around.
“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,” Alon Lifshitz, partner at Blumberg Capital, who will be joining Zooz as a board member, said in a statement. “We have been very impressed by their innovations and rapid growth in the global payments market.”
The Tel Aviv company was founded in 2010 by Oren Levy and Ronen Morecki and launched in 2012.