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
Advertisement

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.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: PayU, Wibmo, Fintech
3 in 4 Phones to Have Dedicated AI Chips by 2022, Claims Research Report
Game of Thrones Deaths: Hodor, Ned Stark, and Others Reveal What's It Like to Die on the Show
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »