PayU, a Dutch payments firm owned by South African conglomerate Naspers, has acquired US-based digital payments technology provider Wibmo in a deal worth $70m.
The acquired entity will become a wholly owned-subsidiary of PayU.
At the same time, the two companies will collaborate to develop new solutions.
PayU CFO Aakash Moondhra said: “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.
“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.”
Wibmo focuses on the Indian market, offering payment gateway and security solutions.
Its founder Govind Setlur will now become PayU India CEO.
“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,” Setlur noted.
PayU’s fintech investment breaches the $500m mark with the latest transaction.
Other acquisitions by PayU:
In 2016, PayU purchased Indian payments technology firm Citrus Pay for $130m.