Israel payment technology provider Zooz raises $24 mln

TEL AVIV, May 3 (Reuters) - Israeli payment technology provider Zooz said on Tuesday it raised $24 million in a funding round led by German venture capital firm Target Global Ventures, bringing its total amount raised to $40 million.

Other investors include Fang Fund of China, iAngels, London-based Kreos Capital and Blumberg Capital.

Zooz connects merchants to multiple banks and by analysing various parameters decides to which bank to route the payment transaction, finding the bank with the lowest fee.

Zooz employs nearly 80 workers and also has offices in London, Berlin and San Francisco. The company said it will use the funding to develop new products, open new markets and increase its presence in existing markets.

“Asia, including China and Japan, is high on our priority list and also South America, especially Brazil,” Chief Executive Oren Levy said, noting that Zooz is growing rapidly.

Zooz works with 30,000 retailers and 50 banks, charging a fee for every transaction carried out over its platform. Customers include Burberry, Gett and Skypicker. (Reporting by Tova Cohen)