Online payment platform PayU acquired payments company Wibmo for $70 million

PayU, an online payments platform, bought Wibmo, a payments and guarantee company in California, for $70m.

The companies said they will continue to operate separately overall, although they will build special operations programs together.

PayU, a subsidiary of Naspers, said the deal would boost conversion rates and sales for merchants and their financial institution partners.




Wibmo said in a statement that it helps Banks in more than 20 countries make payment authentication and risk-based decisions involving “billions of online and mobile payment transactions.” WIBMO’s authentication system is verified by mastercard, Visa and Rupay. As part of the deal, the company’s team of technology and payment specialists will join the PayU team.

In recent years, PayU has been working to expand its business in emerging markets such as India, an effort that has paid off in large part. For example, the company has become one of the largest payment processors in India, with more than 350,000 business partners. The company, for example, has become one of India’s largest payment processors, with more than 350,000 business partners.

“The acquisition will also help PayU accelerate the development of its credit business by leveraging big data and working with industry-leading lenders to provide credit support to a variety of online and offline businesses,” PayU in a statement. ”



The statement amply demonstrates PayU’s growing ambitions in emerging markets, so it is also often referred to as “growing PayPal.” “India is a priority market for PayU,” said Aakash Moondhra, PayU’s CFO. We are committed to making digital payments frictionless through our innovative products and services, and we fully support the government’s vision for digital India. PayU Future technology products are redefining India’s payment landscape, gradually making India’s transition to a cashless digital economy. ”

Naspers’ fintech arm has invested more than $500 million in various startups, up from $350 million a year ago. In 2016, PayU bought Citrus pay with 130 million of dollars to further expand its wallet business in India.