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Payment startup Zooz raises $24 million as global fintech looks for standards

As payment solutions proliferate and calls for standardization mount, Israel-based payment platform startup Zooz said it has closed a $24 million led by Target Global Ventures, to expand globally and bolster its products and services. Zooz’s series C round more than doubles the total amount invested in the company to $40.5 million, raised in four rounds. The […]

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As payment solutions proliferate and calls for standardization mount, Israel-based payment platform startup Zooz said it has closed a $24 million led by Target Global Ventures, to expand globally and bolster its products and services.

Zooz’s series C round more than doubles the total amount invested in the company to $40.5 million, raised in four rounds. The latest round included Fang Fund, iAngels, Kreos Capital and existing investors Blumberg Capital, lool ventures, Rhodium, Claltech (Access Industries’ Israeli tech vehicle), XSeed Capital, CampOne Ventures and angel investor Eilon Tirosh.

“We are opening  sales and tech support offices in Berlin and San Francisco. We are also you going to invest more in business intelligence that relate to payments and better optimization of data. We are also looking to go from 80 to 120 employees in a year’s time. Sales and tech support in both cities,” said Ronen Morecki, co-founder and CTO of Zooz.

Primarily targeting developers for both mobile and desktop, Zooz provides a payments platform designed to help merchants reduce the rate of international cards being rejected.

“We know to route to the right payment processor, increasing the chances of the card being accepted.”

Zooz wants to be in Germany for the country’s massive growth potential. The company is seeking new retailers and Europe’s largest economy is fertile ground for expansion.

According to ATKearny’s Global Retail Index, Germany is the second largest online market in Europe with almost triple the UK’s current growth potential.

The same report predicts that European online retail sales will reach 234€ billion by 2018 and almost half of all online retail sales across the EU will be from online purchases made using a smartphone or tablet by 2018.

“We believe that the German market is highly advanced in eCommerce and many other retailers in Europe are interested in the German market. So it makes sense for us to follow their lead, said Morecki.

Europe doing the right thing

While Zooz is not directly competing with banks, it is banking on the success of deregulation and the expansion of unified standards globally. In fact, the company’s expansion into Europe plays out against a backdrop of the EU’s planned revised Payment Services Directive (PD2), which is intended to open up the market to new players.

“PSD2 will fundamentally change the game for consumers, banks and third party providers by opening up the market in the same way that the app stores did for mobile phones. With PSD2, third party providers can develop new services on top of existing bank infrastructure that never would have been developed otherwise,” said Erik Engellau-Nilsson, Vice President at Klarna.

According to Uri Rivner from BioCatch, a provider of behavioral authentication, one of the points the directive addresses is electronic payment security in the EU, making online payments safer and more secure.

Payment service providers will be liable for any fraud related issue and will have to be accredited on a yearly basis. Securing the payment ecosystem means a relatively fast, friction-free and unified solution for all.

“The European Commission understands that new payment features are added – purchasing from a new mobile device, first-time customer, applying for a new account – features that up till recently were not addressed, and therefore the need for a regulation is crucial,” said Rivner.

Lack of standardization

One of the biggest hurdles in mainstream adoption and growth in mobile and digital payments is lack of standardization.

There are a multitude of competing platforms, networks, service providers, point of sale technologies, and retailer strategies, including Apple Pay, Samsung Pay, PayPal, Square, Softcard, Walmart Pay, Venmo, just to name a few. Ensuring that there are compliant, secure standards across the board and that solutions are compatible across different channels – online and in-store – will be critical to mass acceptance.

“All parties involved in the payment lifecycle, from retailers to service providers to regulatory bodies, must coordinate to develop consistent and compatible solutions that keep the customer’s needs – convenience and security – at the heart of the conversation,” said Leo Loomie, VP at Digital Risk, a data analytics and compliance solutions provider to large financial institutions.

This article originally appeared on Techcrunch

Source: https://www.iangels.com/2016/05/payment-startup-zooz-raises-24-million-global-fintech-looks-standards/

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” The Leapfunder Note is a sensible and attractive way to place capital in start-ups in the Netherlands “

” Diversification is important in angel investing. Leapfunder is a platform that allows angels to spread their investments. “

” Leapfunder investing allows you to become actively involved in a start-up, just as in classical angel investing, while taking all the hassle out of transaction execution “

” Leapfunder is ideal for investing smaller amounts in a start-up in the very early stages. Such investments can be a powerful addition to a portfolio “

” With Leapfunder you get a great opportunity to build up a diversified portfolio of start-up investments, often investors can play an active role in developing the company “

” When I saw the Leapfunder proposition I thought straight-away: this is what start-ups need. I am an entrepreneur and wish this system had been available when I started my company. “

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Pieter ter Kuile

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Wouter Kneepkens

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Ronald Bazuin

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Eric van der Maten

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Eric van Gilst

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Donald Res

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Source: https://www.leapfunder.com/companies/237

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iCapital Network celebrates reaching milestones in its European and Asian expansion efforts

From: FinTech Global Alternative investment FinTech iCapital Network is celebrating reaching a series of milestones in its expansion into the European and Asian markets. The WealthTech platform is created to drive access and efficiency in alternative investing for the asset and wealth management industries. The growth across the European and Asian markets comes hot on […]

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From: FinTech Global
Alternative investment FinTech iCapital Network is celebrating reaching a series of milestones in i

Source: https://www.altassets.net/private-equity-news/by-news-type/people-news/icapital-network-celebrates-reaching-milestones-in-its-european-and-asian-expansion-efforts.html

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Medtech venture investment continues climb globally

Investors pumped $5.05bn into start-ups in growing fields such as surgical robotics, telehealth and cancer blood testing in the third quarter

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Global venture capital funding of medical technology continued its climb last quarter, with investors pumping $5.05bn into start-ups in growing fields such as surgical robotics, telehealth and cancer blood testing, industry data show.

Third-quarter venture investment rose about 4.7% from the $4.83bn that medtech start-ups raised in the second quarter, and by more than 63% from the $3.09bn they secured in the third quarter of 2019, according to data from market tracker CB Insights.

Venture funding jumped despite the novel coronavirus pandemic, which forced hospitals to postpone elective surgeries and hamstrung some companies that had been seeking to launch their products.

Yet many companies raising venture capital this year are still developing their technology and haven’t been affected by the slowdown, said CB analyst Marissa Schlueter.

Investors also haven’t let the pandemic dissuade them from betting on the potential of robotics to improve surgery and on new blood tests that could enable earlier cancer detection. In August, for example, San Francisco-based Freenome Holdings collected $270m to pursue regulatory approval for a blood test to detect colorectal cancer and Massachusetts-based Vicarious Surgical, which applies virtual reality and robotics to minimally invasive surgery, took in $13.2m.

Some medtech start-ups have fielded rising interest in their technology during the pandemic, including telehealth companies and those with tests or devices that can combat the new virus.

This month, for example, telehealth concern 98point6, a provider of virtual primary care services based in Seattle, disclosed a $118m financing.
CB Insights considered a variety of medical technology companies in its analysis, including those seeking to diagnose, treat, monitor or prevent diseases.

A strengthening market for medtech initial public offerings and acquisitions also is encouraging venture investment. In the third quarter, 40 medtech companies were acquired and 14 went public, according to CB Insights. That is up from 37 acquisitions and 13 IPOs in the second quarter. In the third quarter of 2019, 28 companies were acquired and 15 went public.
Companies’ ability to raise venture capital enables them to remain private longer and put themselves in a stronger position for an IPO, said Tom Shehab, a managing partner with Arboretum Ventures.

California-based Eargo, which sells hearing aids that fit inside the ear, incorporated in 2010 and began operations in late 2012. On Friday, 16 October, the company, which has raised more than $206.6m in venture capital according to Crunchbase, went public at $18 a share. The stock leapt 87.1% to close at $33.68.

Eargo posted $28.6m in net revenue for the six months ended 30 June, nearly doubling the $14.4m in net revenue it reported for the same period of 2019, according to a regulatory filing.
In the company’s early days, relatively few venture firms focused on medtech, chief executive Christian Gormsen said. But in raising the company’s most recent venture round earlier this year, he spoke with about 100 investors, he said.

Eargo, which sells hearing aids directly to patients, fits a growing trend toward consumers playing a larger role in their healthcare, which also increased its appeal to investors, he said. “Medical technology as a category is getting more and more attention from venture capital,” Gormsen said.

From The Wall Street Journal

Source: https://www.penews.com/articles/medtech-venture-investment-continues-climb-globally-20201027

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