It has been reported that PayPal has been part of a £4m investment round in ecommerce optimisation firm Cloud IQ. PayPal was joined in the funding by Nauta Capital, Juno and Finance Wales.
The funding will be used to establish a new engineering centre in Cardiff, Wales, and enable greater development in leadership at the firm. Cloud IQ specialises in artificial intelligence and claims their technology can increase conversion rates by 10%.
In a blog post Cloud IQ said: “The investment cements our exclusive conversion rate optimisation partnership with PayPal, enabling ecommerce businesses using PayPal to track 100% of transactions with Cloud IQ, optimising the consumer journey and resulting in more customers.”
Jeremy Jonker, Head of Global Corporate Development at PayPal says: “Through our recent partnership with Cloud IQ it is clear we share a common vision to improve the consumer journey. Today, Artificial Intelligence powered technology is finally able to deliver individualised consumer experiences at scale. PayPal is excited to support Cloud IQ as they bring to market solutions that improve the overall shopping experience on both web and mobile.”
So what do they do exactly? They say: “Cloud IQ is the conversion rate optimisation platform that improves revenues for ecommerce operators. We evolved our powerful software to create a cost-effective conversion-rate optimisation solution for ecommerce operators.”
It’s fair to say that the company is new to Tamebay and we’re keen to find out more and will be most interested to hear from anyone who has used the service and understand better how they help merchants. We suspect that they are of most interest to bigger businesses. But PayPal’s interest might indicate a greater future application for smaller concerns.
And it is interesting that PayPal continues to make strategic investments in ecommerce business, not just those purely related to payments and fintech.