PayU is to acquire Cupertino, California-based Wibmo, one of the largest providers of digital payment security technology and services in India
The $70 million acquisition by Nasper's-owned PayU will marry its extensive merchant network with Wibmo's digital payments nouse in the provision of online and mobile payments services to merchants and financial institutions in India and other high growth markets.
PayU says the deal is in line with its ambitions to build out a robust digital payment ecosystem capable of harmonising transaction processing on both issuing and acquiring side. It will also help PayU accelerate its credit business by leveraging big data to power credit on various online and offline merchants in partnership with lenders.
Aakash Moondhra, CFO, PayU Global says: “India is a priority market for PayU and we are committed to making digital payments frictionless through our innovative products and services, supporting the Government’s vision of a digital India. We will partner with leading banks to enable digital banking, merchants will gain with higher conversions rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions.”
The investment takes PayU’s fintech investment total past the $500 million mark, putting the company within the top five leading global fintech investors over the last two years.