The Smart Routing solution connects retailers to multiple acquirers and payment methods in a seamless payment experience.
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Zooz, a smart payment technology provider, announced on Wednesday that it raised $12 million in its latest quest for funds. The new investments were led by Blumberg Capital, with participation by existing investors in the company, including XSeed Capital, lool ventures and Rhodium, as well as new investors Access Industries and Camp One Ventures.
According to the company, the Zooz engine utilizes proprietary algorithms to dynamically route each transaction to the selected acquirer, reducing decline rates and lowering transaction costs by cutting cross-border and currency conversion fees. It enhances and optimizes the existing payment infrastructure of enterprise-class retailers, enabling them to accept payments efficiently and flexibly for competitive rates across online and in-store channels.
The Smart Routing solution connects retailers to multiple acquirers and payment methods through one integration, resulting in a seamless payment experience across all channels for retailers and their customers.
Their video makes it seem a lot less complicated:
Zooz says it intends to use the new funding to continue developing innovative technologies, expand its operations and open new offices.
Alon Lifshitz, Partner at Blumberg Capital, who will be joining Zooz as a board member, said, “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. We have been very impressed by their innovations and rapid growth in the global payments market.”
Oren Levy, CEO of Zooz, said, “We appreciate the confidence of our investors, both new and old, as we continue to forge our leadership position in this developing industry. 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 was founded in 2010 by Oren Levy and Ronen Morecki, who envisioned a payments ecosystem with increased payment flexibility and reduced processing fees. Since its launch in 2012, the company says it has been innovating payments with smart routing algorithms, user experience optimization tools, and cutting edge security technology.
Zooz is Hebrew for “move over.”