Zooz, a smart payment technology provider utilized by some travel agencies, closed a $12 million round of investment, led by Blumberg Capital. Participating were existing investors XSeed Capital, lool ventures and Rhodium, as well as new investors Access Industries and Camp One Ventures.
The new funding will help Zooz create 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.
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.
For example, when a travel agency signs a contract with an acquiring bank to process its customers’ credit card payments, the complexity of integrating the systems often makes the agency feel "locked in" with the bank, even if circumstances change and the partnership no longer makes business sense. Zooz’s technology instead gives agencies the flexibility to access multiple acquirers and accept payments for the most competitive rates possible across both online and off-line channels.
Zooz also allows retailers to create a personalized user experience - both in-store and online - through the consolidation of consumer data. Payment details are securely stored so that future payments made through different channels can be linked to the original user. Thus, the retailer can create personalized shopping experiences and increase conversion rates.
“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. Levy said this round of investment 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 has thousands of retail customers worldwide, and is level 1 PCI compliant.