In-app payments firm ZooZ nets USD1.5m

Israeli payment processing startup ZooZ, which provides development tools for integrating digital payment and checkout facilities into mobile apps, has landed USD1.5m in seed funding from Lool Ventures, Orefa Investment, Rhodium, Jaina Capital, A.M. Holdings and Kima Ventures. The cash will be used to support ZooZ’s six-month beta test, during which the company will attempt to build a user base by offering its services for free, before eventually charging for payment processing. A report published in September revealed that in-app purchases account for 72% of revenues in Apple’s App Store, despite the fact that the model is only used by 4% of available apps.

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