PayU Acquires US-Based Fintech Firm Wibmo for $70 Million

PayU Acquires US-Based Fintech Firm Wibmo for $70 Million

The latest investment takes PayU’s fintech investment total past the $500 million mark

HIGHLIGHTS

Wibmo and PayU businesses would continue to run separately

Wibmo offers payment authentication to banks in over 20 countries

PayU claims to be among the top five global fintech investors

Online payment service provider PayU on Friday announced the acquisition of US-based financial technology firm Wibmo for $70 million (around Rs. 484 crore).

Given different capabilities and positioning in the value chain, Wibmo and PayU businesses will continue to run separately, PayU said in a statement.

Wibmo partners and deeply integrates with banks in over 20 countries to offer payment authentication and risk-based decisioning across billions of online and mobile payment transactions.

“This strategic acquisition combines PayU’s strong merchant network and Wibmo’s leadership in digital transaction security solutions to offer industry-leading payments solutions to merchants and financial institutions in India and other high growth markets,” the statement said.

Aakash Moondhra, CFO, PayU Global said: “We will partner with leading banks to enable digital banking, merchants will gain with higher conversion rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions.”

Wibmo will continue to operate and serve all of its clients under its founder and CEO Govind Setlur as a wholly-owned subsidiary of PayU.

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, said the statement.