ZOOZ was founded eight years ago based on the realization that global payment rails were still using yesterday’s technology and methods. As massive fragmentation still existed on a global scale, data was rarely utilized to analyze and enhance transactions.
Legacy systems, simply put, lacked the required flexibility, while most providers were slow to adapt to ever-changing market needs.
It was Time to Disrupt the Global Payments Market
Modern merchants needed newer and more reliable technology, capable of meeting the rapidly evolving requirements of global businesses: enhanced user experience, reduced costs, greater transparency and improved efficiency.
Our focus was to leverage technology to help today’s rapidly-growing industries overcome the challenges of efficient payment management on a global scale. We proceeded to create an advanced cloud-based Payments Operating System, with our first-generation solution offering flexible connectivity to a complete array of global and local payment options through a single API.
Shortly after, our talented development team added analytics that harmonized the data and provided enhanced monitoring, reporting and analytic capabilities.
The third step was to introduce the market’s first Smart Routing mechanism, a comprehensive data-driven transaction optimization system. And while we became bigger, more advanced and sophisticated over time, our main objective always stayed the same—improving the efficiency of payments.
ZOOZ has Gone a Long Way in Eight Years
We’ve seen our infrastructure evolve significantly over time; from monolithic Java servers when we just started out, to our cutting edge globally distributed architecture today.
Growth related decisions were never clear-cut; do we focus efforts and critical resources on upgrading the infrastructure—or enhancing the product capability? Do we tailor certain features per the request of a large customer that promise major revenue opportunities, although these features may never be used by other customers?
Through uncompromising technological innovation, we succeeded in creating the interconnected infrastructure necessary to support the next generation payments paradigm. We offered, and still offer, dedicated, devoted and professional service to each and every client, large or small, making sure their journey with us is successful.
The frequent dissonance between the intensity when taking a new client live and ensuring everything meets their expectations, and the sheer joy of realizing the client has truly benefited from our solution, is often unfathomable.
Thankfully, we were able to see our platform grow well beyond our initial expectations.
Today some of the world’s most recognized and innovative companies use ZOOZ’s technology to power their complete payments operation. Soon enough, we ourselves became a leading global brand.
Nearly two years ago we decided that our growth can be further fuelled by partnerships. A meeting with PayU, one of the world’s largest global payment providers, presented an opportunity to collaborate on a joint vision. What if we could combine the existing hyper-local PayU platforms in multiple fast-growing regions and mesh them together with our advanced technology stack? There was no doubt in our minds that this combination would yield one of the world’s most advanced hyper-local-global PSP, holding capabilities and value-added services well beyond those of any other PSP out there.
We embarked on that quest and about a year ago we announced to the world our partnership and the PayU Hub, which was based on our platform. Since then, we have been privileged to work with some of the best talent in the payments industry.
We immediately realized that the fit was not merely a technology compatibility, but also about being able to work closely together as equal partners towards a shared vision and goal. Soon enough, our technology-based collaboration opened the doors to commercial collaborations on new opportunities, in ways that transcends mere partnerships.
Then Came the Offer
Although it wasn’t entirely out of the blue, I can honestly say that PayU is a natural buyer for ZOOZ. It simply makes sense. Having raised four rounds of funding during our eight years, we were at a cross-road where we could either choose to remain independent and raise more funding, or continue innovating by growing under the umbrella of PayU. The choice was clear.
Starting today, we embark on a new journey. While ZOOZ will continue to innovate and further disrupt the payments world, the scale that will be introduced through the sheer number of merchants using the PayU payment solution, coupled with the huge trove of data that can accelerate our analytics and machine learning capabilities, make this an exciting opportunity that we’re eager to explore.
On a personal note, I myself am very excited with what we can accomplish together and know my team feels the same. Let’s rock!
Startups are not for the Faint of Heart
And finally …here it comes… the disclaimer. Just to make sure the above doesn’t sound like any other fairytale journey, it’s important to know that startups are not for the faint of heart. If you are an aspiring entrepreneur, do it because you care and want to make a difference and be part of a change.
Keep in mind that there are good and bad times, which can move between extremes, sometimes on an hourly basis. Make sure you know what you’re signing-up for and realize if it’s truly within your heart and soul before diving in. The cliché that a life of a startup feels like a non-stop roller-coaster is absolutely true, but no one really prepares you in advance that it’s going to be one hell of a ride…
Thanks for reading!
Oren Levy, CEO, ZOOZ.