Online payment service provider PayU acquires the 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 integrate with banks in over 20 countries to offer payment authentication and risk-based decisions 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.”
After acquisition, Wimbo will continue working as a separate entity and serve its client under CEO and founder of the company.
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.