PayU, an online payment service provider and Naspers’ fintech arm, on Friday announced the acquisition of Wibmo, a Cupertino, CA-based industry leader in digital payment security and mobile payment technologies.
This strategic acquisition combines PayU’s strong merchant network and Wibmo’s leadership in digital transaction security solutions to offer industry-leading payments solutions to merchants and financial institutions in India and other high growth markets.
Wibmo, a digital payment company partners and deeply integrates with banks in over twenty countries to offer payment authentication and risk-based decisioning across billions of online and mobile payment transactions.
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.
Additionally, PayU and Wibmo together will be able to work with merchants and financial institutions to offer targeted payment solutions leveraging data from hundreds of millions of Indian consumers annually.
This acquisition will also help PayU accelerate its credit business by leveraging big data to power credit on various online and offline merchants in partnership with leading lending players.
Aakash Moondhra, CFO, PayU Global said, “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. 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.”
Govind Setlur, founder and CEO, Wibmo added , “We are excited to embark on this next chapter of Wibmo’s growth with PayU. 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.
Avendus was the exclusive strategic and financial advisor to Wibmo on the transaction.