Zooz, an Israeli smart payment technology provider, is adding another 100 employees. This will triple the company’s size from its current 50 employees.
It looks like Zooz is putting the $12 million that it raised last summer in new funding to good use.
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.
Meanwhile Zooz CEO Oren Levy told Bobsguide that, “This year has seen major advances in financial technology (“fintech”), retail globalization, and payments technology, to name a few. It is a great time to take a look at some of the important developments in 2014 and try to analyze how they might impact the world of payments and retail in 2015 and beyond.”
He said that Apple Pay is the payments service to watch in 2015 commenting, “The big questions for the coming year will be: is the media hype around Apple Pay warranted, and will the solution get widely adopted? If Apple seeks to become a force in the mobile payments industry, Apple Pay will have to become more versatile: at this point, Apple Pay only works on an iPhone 6 or 6 Plus. Apple will have to bring its payment technology to other mobile devices – iOS-based and otherwise – if it hopes to increase consumer usage and merchant acceptance.”