Ken Yeung is a reporter for The Next Web based in San Francisco, CA. He carries around a big camera & likes to write about tech, startup Ken Yeung is a reporter for The Next Web based in San Francisco, CA. He carries around a big camera & likes to write about tech, startups, parties, and interesting people. Follow him on Twitter, on Facebook, and Google+.
In-app mobile payment solution provider ZooZ has closed a $2 million Series A round led by XSeed Capital. The company said that it will use the funds to pursue product development , form new partnerships with retailers and other businesses, and better establish itself in the marketplace.
With its consumer-driven payment platform, ZooZ focuses on delivering a checkout experience. It provides retailers with payment tools to help increase conversion rates, reduce shopping cart abandonment, and more. The service also offers an end-to-end payment solution that enables mobile developers to integrate payment solutions into Android and iOS apps using an SDK.
With the $2 million investment, ZooZ has raised a total of $3.5 million, of which the difference was acquired back in 2011 from investors like lool ventures, Rhodium, Kima Ventures, Orefa Investment, and others. XSeed Capital says that its investment in the company highlights its confidence that ZooZ is onto something that other mobile payment companies are only “beginning to offer” and can transform the consumer mobile checkout experience.
The new round comes as more companies are focusing on the mobile payment space. Forrester Research has predicted that spending in this space will reach $90 billion in 2017.
ZooZ was founded in 2010 by former Verisign Fraud Detection group executive Ronen Morecki and Brookline USA executive director Oren Levy. It has existing partnerships with financial services like First Data, MasterCard, VISA, Dwolla, PayPal, and others.
Photo credit: Joe Raedle/Getty Images
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