12 April 2019, India:
PayU, today announced the acquisition of digital payments firm Wibmo for $70 million. Wibmo’s management team of seasoned technology and payments experts will also become part of the PayU team.
Govind Setlur, Founder and CEO of Wibmo will become part of PayU’s leadership team.
The acquisition of Wibmo will enable PayU to build a robust digital payment ecosystem capable of harmonizing transaction processing on both issuing and acquiring side, to deliver a seamless payment experience and industry-leading success rates in online and mobile payments, the company said in a statement.
“India is a priority market for PayU and we are committed to making digital payments frictionless through our innovative products and services, supporting the Government’s vision of a digital India. PayU’s technologically future-ready products are defining and reinventing India’s payments landscape, supporting the country’s transition to a cashless, digital economy. Through the acquisition of Wibmo, our endeavour is to positively impact and add value to the entire ecosystem including banks, consumers and merchants, with the combined service offerings of PayU and Wibmo,” said Aakash Moondhra, CFO, PayU Global.
Aakash Moondhra, added, “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.”
“PayU has evolved within the complex payments landscape to become India’s biggest online payments processor, serving more than 350,000 merchants. We are excited to embark on this next chapter of Wibmo’s growth with PayU,” said Govind Setlur, Founder and CEO, Wibmo.
Govind Setlur, 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.”
Wibmo will continue to operate and serve all of its clients as a wholly-owned subsidiary of Naspers’ PayU under the leadership of Govind Setlur.
Avendus Capital was the sole advisor to the deal.
(Image – PayU)