PayU, an online payments services provider, has acquired Wibmo, an industry leader in digital payments technology, for $70 million. PayU and Wibmo will closely work with merchants and financial institutions to build a robust digital payments ecosystem, harmonising transaction processes and delivering a seamless payments experience. Through the deal, they will extract synergies and build unique business solutions from the two technology platforms.
India is a “priority market for PayU, according to Aakash Moondhra, CFO of PayU Global. “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.”
PayU will also partner with leading banks for creating digital banking solutions and merchants will benefit with “higher conversion rates.”
Govind Setlur, founder and CEO of Wibmo, with 30 years of management experience in Silicon Valley and India, will become part of PayU’s leadership team, reporting into the PayU India CEO.