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.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
