Zooz may sound more like a children’s toy than a technology company, but it’s actually a payments startup that means business. Today, the company announced closing $2 million in funding to add new products, customers, and partnerships.
Zooz is a payments platform that helps e-commerce vendors create the ‘ultimate checkout experience.’ The company takes a consumer-driven approach, meaning it focuses on user behaviors and needs in additional to the technical aspect of payments. Retail customers implement Zooz’s technology to set up an easy, on-brand purchasing experience. New customers enter their payment information in a secure environment, and that information is stored for successive trips. The system can also store multiple payment methods.
Stripe, Braintree, WePay, Paymill, and PayPal all have comparable solutions. However, while many of these payment providers focus on developer needs and backend transactions, Zooz differentiates itself by focusing on people first, the company said in a statement. With mobile shopping and e-commerce exploding, the company sees the greatest opportunity in responding to consumer needs. The company seeks to increase shopping conversion rates, reduce shopping cart abandonment, and help merchants grow their sales based on insights.
In response to the growth of the mobile economy, Zooz spent last year adding an HTML5 mobile web and desktop version to its iOS and Anroid solutions and enabling multi-channel checkouts. The company has grown month over month, and this financing will support continued growth. xSeed Capital led this first institutional round, which brings Zooz’s total capital raised to $3.5 million. Zooz is based in San Francisco, Calif.