PayU has acquired Israeli Payment Technology Provider Zooz for an undisclosed amount in a bid to support its expansion to high growth markets.
With this acquisition, the company’s total investment in global fintech since 2016 crosses $350m.
Once the deal is completed, both the firms will work together to develop a global standard payments infrastructure including a new and flexible Payment OS platform to fulfil the changing requirements for the payment industry.
The new platform is expected to include features to prevent money laundering as well as real-time reporting of the transactions.
Additionally, the acquisition offers PayU merchants such as Gett and Kiwi.com access to 2.3 billion new customers through the Zooz-designed PayU Hub platform.
The acquisition is expected to close in this year, following which, Zooz co-founder and CEO Oren Levy and CTO Ronen Morecki will join the PayU’s Global Leadership team.
Zooz’s 70 member technical and payments expert team is also expected to migrate into PayU further strengthening the latter’s technical expertise.
PayU CEO Laurent le Moal said: “PayU is one of the most active investors in the fintech space and we are always looking for opportunities to innovate and support our merchant clients to grow.
“Today’s announcement is a great illustration of this philosophy in action and we are pleased to be welcoming the Zooz team further into the PayU fold.”
Zooz co-founder and CEO Oren Levy said: “After a year-long, productive partnership, our shared vision to create a new global standard in payments infrastructure is becoming a reality with PayU’s acquisition of Zooz.
“The unique contribution we bring to PayU is an advanced technological layer which not only helps merchants worldwide to upscale their operations and provide a better customer experience, but also offers analytics and optimization capabilities that equip them with unprecedented insights.”