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Source: Jumpseller

Digital payments major PayU has acquired payments security and mobile payments technology company Wibmo for $70 million.

The Naspers-owned PayU will own all payment offerings, including security solutions that the Cupertino, California-based Wibmo specialises in. Founded by Govind Setlur, Wibmo is a key player in the 3D secure space, where it offers authentication services for digital payments.

Wibmo

This development was reported in the business newspapers around the 12th of March 2019.

“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, chief financial officer, PayU Global.

Wibmo will continue to operate and serve its clients as a wholly-owned subsidiary of the Netherlands-headquartered PayU.

Setlur, who will continue to lead Wibmo, will report to PayU India CEO Anirban Mukherjee.

Wibmo’s investors, including venture capital fund Accel Partners, Intel Capital, Footprint Ventures and others will exit, with Accel likely to clock a 4X return on its investment.

Wibmo is certified by Mastercard, Visa, RuPay as well as PCI-DSS, according to its website, which means it can process card and mobile-based payments.

PayU said Wibmo works with more than 60 banks in India and has been steadily increasing revenue from clients through advanced products.

Wibmo also works with banks across 20 countries to offer payment authentication and risk-based decision making across a billion online and mobile-based payment transactions.

“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,” Moondhra said.

PayU also plans to use the data flowing through the Wibmo platform to help it assess merchants better so that it can offer credit to these entities in partnership with financial institutions.

Source: The Economic Times



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