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.