TEL AVIV, Israel, May 3, 2016 /PRNewswire/ -- Payment technology provider Zooz today announced the closing of $24 million in new funding. The round was led by Target Global Ventures, and included Fang Fund, iAngels, Kreos Capital and existing investors Blumberg Capital, lool ventures, Rhodium, Claltech (Access Industries' Israeli tech vehicle), XSeed Capital, CampOne Ventures and angel Eilon Tirosh. Zooz will use the funding to accelerate its growth, develop new products, open new markets, and increase its presence in existing markets.
"As the global payments market continues its exponential growth, Zooz is well positioned to play an even larger role," said Shmuel Chafets, General Partner of Target Global Ventures. "The company's innovative technology optimizes and simplifies the payments process, meeting a crucial industry need that will only increase."
Zooz has grown considerably since its last round in July 2014 and has opened offices in London, Berlin and San Francisco. The new funding will help the company to continue building its global customer base, enhancing and evolving its products which serve some of the world's leading companies.
"We would like to thank our investors for supporting our vision for innovation in the payments sector," said Oren Levy, CEO of Zooz. "Retailers now understand the need for smart payment platforms that can help them expand into new markets quickly and cost-effectively, and that is where we excel."
In today's age of global commerce, relying on a single payments provider can lead to high international credit card fees and decline rates. However, integrating with multiple solutions has always been difficult, expensive and time-consuming. The Zooz platform overcomes these obstacles by connecting merchants to multiple financial and technological entities and payment methods, and Smart Routing™ each payment to the most appropriate provider for that transaction. Zooz's merchant customers also benefit from its Insights offering, which provides intelligent analysis based on customer transactional data.
Zooz provides a payments platform designed to help merchants maximize their payments performance. It offers the flexibility to connect with multiple financial institutions, seamlessly integrate acquirers, e-wallets, alternative payment methods, fraud management and other third-party services, and intelligently route transactions through the entire payment process. Zooz consolidates and analyzes all payment data to provide valuable information to merchants, enabling them to personalize customer experiences online and in-store. It is the partner of choice for any business seeking to extend reach, reduce decline rates, increase revenues, maintain strong customer relationships and meet the challenges of the dynamic global market. For further information please go to http://www.zooz.com.
ABOUT TARGET GLOBAL
Founded in 2012, Target Global is an international VC firm with over $300 million in assets under management and offices in San Francisco, Berlin, Moscow and Tel Aviv. Target Global focuses primarily on fast-growing digital-enabled B2C and B2SMB companies in e-Commerce, Fintech, travel, software and mobile. Target Global manages a growth fund that invests in Series B and later stage opportunities (both primary and secondary) 5-30m$ per deal and a seed stage fund that focuses on late seed and early Series A investments of 200-500k$ per deal. Investment criteria are a) Digital-enabled businesses operating in a B2C or B2 SMB space; b) Targeting a large market and global opportunity; c) Led by an amazing team.
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