Home / Technology and Science / PayU buys Israeli payment tech firm Zooz for $80 million: report

PayU buys Israeli payment tech firm Zooz for $80 million: report

TEL AVIV (Reuters) – Online payment corporate PayU, a subsidiary of Naspers (NPNJn.J), has agreed to shop for Tel Aviv-based payment generation supplier Zooz, the Calcalist monetary information web site reported on Monday, bringing up Zooz CEO Oren Levy.

The deal is valued at round $80 million, Calcalist mentioned, bringing up an individual accustomed to the topic.

Officials at Zooz and Naspers may just no longer right away be reached for remark.

Netherlands-headquartered PayU supplies on-line payment products and services for shoppers in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa.

Zooz connects traders to a couple of banks and through examining more than a few parameters makes a decision to which financial institution to course the payment transaction, discovering the financial institution with the bottom rate.

The corporate raised $40 million in investment, together with $24 million in 2016 in a spherical led through German undertaking capital firm Target Global Ventures.

Zooz and PayU had been running in combination for the previous 12 months and a part, Calcalist mentioned, including that Zooz intends to amplify its analysis and building heart and rent 50 further staff inside of a 12 months.

Reporting through Tova Cohen; Editing through Steven Scheer

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