PayU plans business expansion with $70 million acquisition of Wibmo
today Apr 15, 2019
Online payment company PayU, a subsidiary of Naspers, has strengthened its business in India with the acquisition of digital payments firm Wibmo for $70 million (Rs 484 crore).
Wibmo, which is also in the mobile payments segment, will continue to operate and serve all of its clients as a wholly-owned subsidiary of PayU.
The acquisition is Wibno is expected to help PayU expand its network across the country as the former has a presence in over 60 banks in India and sees a transaction of close to 1.5 billion annually.
With this partnership, PayU is also looking to make further inroads in the offline digital payment space to widen its customer base and boost transactions on its platform.
"We will partner with leading banks to enable digital banking, merchants will gain with higher conversions rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions," Aakash Moondhra, chief financial officer at PayU Global, said in a statement.
Govind Setlur, founder and CEO of Wibmo, added, “By combining our track record and expertise in payment security and mobile payments with PayU's strong merchant network and heritage in payments, the combined entity will be focussed on delivering more secure and seamless payments experience to its customers.”
Netherlands-headquartered PayU provides online payment services for customers in Asia, Central and Eastern Europe, Latin America, the Middle East, and Africa. The company is betting big on India for growth and had recently appointed Anirban Mukherjee as chief executive officer of PayU India.
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