PayU, the payment division of Naspers, announced the acquisition of the Israeli payment technology platform Zooz.
The two companies plan to work together toward their vision of the leading, global standard payment infrastructure of the future. This modular and flexible ‘Payment OS platform’ will be able to support evolving merchant and broader payment industry needs. The platform’s expected features include fraud management and real time reporting or smart routing, to aid global merchant growth.
The startup Zooz provides an API to merchants that lets them accept a variety of payments depending on the market. Its services will be integrated to enable PayU to step deeper into the cross-border payment services space, potentially even by enabling the integration of the payment methods of competitors as part of the mix of payment options.
In a previous partnership, ZOOZ designed PayU‘s Hub platform, which gave merchants access to 2.3 billion new customers across high growth markets. It leverages PayU’s payments infrastructure and ZOOZ’s technology to open access to new markets for merchants with global aspirations and sets a new standard for payments across borders.
The acquisition is due to close in the following months of 2018. While the transaction’s amount is undisclosed, PayU confirmed it brings the company’s total fintech investment to over 350 million USD since 2016.