Naspers-owned company buys an Israeli start-up, whose tech is already used by South African taxis

Business Insider SA
  • 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 ehailing 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. 

READ: South Africans will be able to sell their used cars in 45 minutes, paperwork included, on new Naspers-linked platform

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. 

READ: After Walmart’s $15 billion deal, Naspers’s stake in an Indian e-tailer is worth 300% more than what it invested

Business Insider South Africa is a part of, owned by Media24, a subsidiary of Naspers. 

Receive a single Whatsapp every morning with all our latest news:click here.

Also from Business Insider South Africa: