Online Payment firm PayU acquires US-based Wibmo for $70 mn
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...