By James de Villiers
Naspers-owned company buys an Israeli start-up, whose tech is already used by South African taxis
- Naspers-owned PayU has acquired Israeli technology platform Zooz for an undisclosed amount.
- Zooz allows merchants accept a variety of payments, and it is already used in South Africa by Taxify, a competitor of Uber.
Payment platform PayU, wholly owned by South African media giant Naspers, has acquired Israeli financial technology platform Zooz for an undisclosed amount.
Zooz allows merchants to accept a variety of payments on different platforms. It is already used by e-hailing service Taxify in South Africa
“Working closer together will help to improve the PayU Hub platform and further support ambitious merchants looking to expand in and beyond South Africa,” a PayU spokesperson told Business Insider South Africa.
PayU will integrate the Zooz team of 70 into its operations. The Zooz co-founders Oren Levy (CEO) and Ronen Morecki (CTO), who will take senior roles at PayU.
Zooz and PayU share a vision to build a “comprehensive, modular, and highly flexible ‘payment OS platform’ that can support evolving merchant and broader payment industry needs”, PayU said in a statement.
“The platform’s immediately expected features include fraud management and real-time reporting or smart routing, to better aid global merchant growth.”
With the acquisition of Zooz, PayU invested over $350 million (almost R5 billion) in financial technology since 2016.
This includes acquiring Indian-based CitrusPay for $130 million (R1.7 billion) and investing €100 million (R1.5 billion) in German-based Kreditech.