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PayU acquires Israel-based fintech ZOOZ

PayU acquires Israel-based fintech ZOOZ

Naspers-backed online payments service provider PayU acquires Israel-based fintech ZOOZ for an undisclosed amount. This will help PayU expand to more high-growth regions.

PayU will leverage ZOOZ’s capabilities to provide its merchants with more payment options. This will help PayU penetrate deeper into the cross-border payment service space. Enabling its users will more comprehensive solutions within a single platform.

“In the choice between building a closed walled garden and open platform, we decided to go with the second model,” PayU’s CEO Laurent le Moal said in an interview. “The reality is that you need to be neutral and work with everyone.”

ZOOZ was founded by Eyal Kotler, Oren Levy, Ronen Morecki in 2010. It provides an open payments platform for its merchants to connect to different payment providers, providing flexibility in payment solutions to its merchants. Integration of ZOOZ with PayU’s platform will make the digital payments platform more open.

ZOOZ’s co-founder and CEO Oren Levy and CTO Ronen Morecki will be joining PayU’s global leadership, focusing on the tech and business aspect of development. ALong with the co-founders, the whole 70 member ZOOZ team will become a part of the PayU team, strengthening its technical capabilities.

PayU has a strong global presence with operations in 17 markets across the globe. It also has a significant presence in India, covering nearly 60% of the airline business, along with 80% of the e-commerce business. It also claims to process over 7,500 crores worth of digital payments across all domains.

PayUBiz, one of its product is used by some of the big customers in India like Amazon, Airtel, Jet Airways, Snapdeal, Ola, and many others. It also provides PayUmoney, secure payment solutions, catering to over 350,000 merchants across India.

This new partnership will not only help PayU expand to new markets but also provide more payment options to its existing markets as well, making those transactions flexible.

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