July 16, 2014 / 12:42 PM / 5 years ago

Israel payment technology provider Zooz raises $12 mln

TEL AVIV, July 16 (Reuters) - Zooz, an Israel-based provider of smart payment technology, said on Wednesday it has closed a $12 million round of investment, led by Blumberg Capital.

Existing investors including XSeed Capital, Lool Ventures and Rhodium, as well as new investors Access Industries and Camp One Ventures, also participated.

The company said it will use the funding to continue creating technology, expand operations and open new offices.

Zooz, which has thousands of retail customers, enhances the existing payment infrastructure of retailers, enabling them to accept payments efficiently and flexibly for competitive rates both online and in-store. Its technology connects retailers to multiple payment methods.

When a customer payment is made over Zooz’s platform, the payment details are securely stored so that future payments made through different channels can be linked to the original user. This user information provides retailers with insight that can be used to create personalised shopping experiences and increase conversion rates. (Reporting by Tova Cohen)

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