Naspers owned PayU acquires Israeli payment provider
PayU, a Naspers company has on Monday announced the acquisition of leading payments technology platform ZOOZ.
The deal supports PayU’s ongoing expansion into high growth markets and targets the $994 billion opportunity in cross border payments.
The ZOOZ acquisition is for an undisclosed amount, but brings PayU’s total sum of investments and acquisitions in global fintech to more than $350 million since it began a series of strategic moves across the globe in 2016 to open access to financial services.
The ZOOZ and PayU teams will work together to create the global standard payments infrastructure of the future.
As part of this vision they will build a comprehensive, modular, and highly flexible ‘Payment OS platform’ that can support evolving merchant and broader payment industry needs. The platform’s immediately expected features include fraud management and real time reporting or smart routing, to better aid global merchant growth.
The deal follows a successful partnership which, for the first time, gave PayU merchants such as GettandKiwi.com access to 2.3 billion new customers across high growth markets via the ZOOZ-designed PayU Hubplatform.
It leverages PayU’s payments infrastructure and ZOOZ’s state-of-the-art technology to open up access to new markets for merchants with global aspirations and sets a new standard for payments across borders.
As part of the deal, due to close summer 2018, ZOOZ’s co-founder and CEO Oren Levy and CTO Ronen Morecki will become part of PayU’s Global Leadership team, focusing on tech and business development.
ZOOZ was founded in 2010 by Oren Levy and Ronen Morecki. Its 70-strong team of experienced technical and payments experts will also become part of the PayU team, boosting the business’ technical capabilities.
Following completion of the deal, ZOOZ will be wholly owned by Naspers, strengthening its payments division.
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