PayU acquires ZOOZ to build cross-border payment platform
PayU is acquiring the Israeli payments technology platform ZOOZ, to supports its ongoing expansion into high growth markets and cross-border payments.
The amount involved in the acquisition remains undisclosed, but it brings PayU’s total fintech investments and acquisitions to over $350 million, which started to take place in 2016.
ZOOZ and PayU aim to create together the “global standard payments infrastructure of the future”, which includes a “Payment OS platform”, with features including fraud management, real-time reporting or smart routing.
Laurent le Moal, CEO of PayU, says: “By working together to create the first ‘Payment OS’ platform we will advance PayU’s mission to help build a world without financial borders.”
This acquisition follows a partnership that enlisted PayU merchants such as Gett and Kiwi.com on the ZOOZ-designed PayU Hub platform.
The deal is due to close at some point this summer, with ZOOZ’s co-founder and CEO Oren Levy and CTO Ronen Morecki becoming part of PayU’s team, focusing on tech and business development.
The cross-border market is expected to reach $994 billion in 2020, with two thirds coming from markets like like Asia and Latin America, according to a report by Accenture.
PayU is part of Naspers, an internet and entertainment group of technology investors.