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PayPal Backs UK Startup Cloud IQ In Funding Round

Cloud IQ, a U.K. startup that optimizes eCommerce, has raised £4 million in venture funding.

According to a report, PayPal, Nauta Capital, Juno and Finance Wales all participated in the round of funding. Proceeds will be used to create new engineering teams, hire senior level workers and open a customer center in Cardiff, Wales, according to the report.

Cloud IQ provides automated artificial intelligence for eCommerce optimization that allows businesses of all sizes provide individualized user experiences.

The move on the part of PayPal to invest in Cloud IQ comes as the payment company has been inking a flurry of deals, many of which are high profile. This month alone, it announced it is teaming up with JPMorgan Chase to further expand its mobile payment services, and that it is expanding its partnership with Citi to include loyalty rewards.

In a blog post last week, PayPal said the deal with JPMorgan Chase will drive increased choice, flexibility and value for their joint customers, as well as enable the company to make further inroads into physical stores. Under the deal, Chase-issued cards will support PayPal and can easily be added to existing PayPal accounts. The deal will also enable Chase customers to use Chase Ultimate Rewards points anywhere PayPal is accepted. Additionally, Chase Pay will become a way to fill the PayPal wallet.

In a separate blog post, Jim Magats, vice president and head of payments, product and engineering at PayPal, said that as part of the expanded collaboration with Citi, ThankYou Rewards cardholders will soon be able to redeem their points at merchants that accept PayPal online payments, contactless payments and in-app payments. Citi ThankYou Rewards cardholders can select their ThankYou Points to pay for all or part of their purchases when checking out online, Magats also said in the post.

“We are rolling this out in the U.S. first, but will explore extending the use of ThankYou Rewards points in the PayPal wallet to our joint customers outside of the U.S. in the future,” the executive wrote.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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