PayU continues to expand having recently acquired the payment platform ZOOZ. The move has further bolstered its position in the international payments market, which, according to a report by Accenture, should grow to 994 billion U.S. dollars by 2020. Since 2016, PayU has spent over 350 million U.S. dollars on strategic acquisitions and investments.
ZOOZ and PayU will be joining forces to create a cutting edge global payments platform. To this end, they are building a complex, modular and highly flexible ‘Payment OS’ which will advance new payment methods and respond to the developing needs of merchants. Among its core functionalities are fraud management, real time reporting and smart re-routing of payments according to defined criteria.
The acquisition comes as the next step in a year-long fruitful cooperation between PayU and ZOOZ which has already benefitted merchants in the Czech Republic, such as Kiwi.com. A tighter cooperation with ZOOZ will help further improve PayU Hub and provide support to ambitious companies looking to expand beyond the Czech market.
PayU Hub will give merchants access to 2.3 billion customers in quickly developing markets. It is built on PayU’s payment infrastructure and the latest technology from ZOOZ. It sets a new standard for international payments allowing ambitious retailers to enter new markets.
Laurent le Moal, CEO, PayU, says: “PayU is one of the most active investors in financial technologies and we keep looking for opportunities to innovate and help our clients grow their business. Today’s announcement is a great example of this and we’re happy to welcome the ZOOZ team in PayU. We will support PayU’s goal of creating a borderless world for financial transactions by creating world’s first Payment OS.”
Oren Levy, co-founder and CEO, ZOOZ, has added: “After a year-long productive partnership our shared vision of a new global payments standard is becoming reality thanks to PayU’s acquisition of ZOOZ. Our unique contribution to PayU is an advanced technological layer which helps merchants worldwide to improve their internal processes and provide better experiences to their customers. It also provides analytical and optimisation capabilities which give retailers a fresh vision of their business.”
ZOOZ was founded in 2010 by Oren Levy and Ronen Morecki, quickly becoming one of Israel’s best-known payment companies.
PayU is part of Naspers, global internet and entertainment group, as well as one of the biggest tech investors in the world. Once the transaction is finished, ZOOZ will be fully owned by Naspers. It will strengthen its presence in the payments market and drive growth in the financial services sector in developing markets with long-term growth potential.