Around 3 years back, PayU acquired Citrus Pay for $130 Million in cash, which was termed as the largest cash exit for a payments company in India till date. Post that, we started investing actively in various fintech startups such as ZestMoney, PaySense and Remitly to bring in more technological and financial innovations in the digital payment landscape in India.
Recently, we took the next step in this journey – well, a leap actually! We are glad to share with you that we have acquired California-based payment and security company Wibmo for $70 Million. And this strategic acquisition has taken our fintech investment total past the $500 million mark, putting us within the top five leading global fintech investors over the last two years.
We believe that constant technological advancements in the digital payments industry will help save a lot of time and effort for the users be it merchants or end customers.
Found in 1999, Wibmo helps over 20 nations with payment security and authentication, risk management and mobile payment solutions. They, like us, are committed to making digital payments frictionless through innovative products and services, supporting the Government’s vision of a Digital and Cashless India.
This is a very important moment for all of us at PayU as by combining Wibmo’s expertise in payment security and mobile payments with our strong merchant network and heritage in payments, the combined entity will be focused on delivering more secure and seamless payments experience to our customers.
Aakash Moondhra, CFO, PayU Global said, “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.”
How this Acquisition Will Help Our Merchants
Helping merchants with seamless and secure transactions is our priority! A step that we take would only be successful, if it helps you (the merchants) in your digital payments. We are in the process of creating a robust online payment ecosystem that will cater to all your needs in a secure manner and help you grow your business! For merchants, this acquisition will result in:
- Higher Success Rates, More Conversions – PayU-Wibmo integration will reduce hops in a transaction from 16 to 6. Therefore, reduce the latency & increase success rates.
- Safer Transactions – As mentioned above, Wibmo is a major provider of authentication and payment security solutions. From innovative One StepTM frictionless, device-fingerprinting to authentication through downloadable apps, to behavior modeling for fraud detection, their innovative solutions help authenticate genuine transactions while keeping fraudulent ones away.
- Great Consumer Experience – With reduced hops in transaction, higher success rates and improved authentication – your consumers will have a seamless payment experience.
Conclusion
These acquisitions and investments are a testimony to the trust all of you have shown in choosing PayU as your digital payment solution. The addition of Wibmo will definitely boost our core payment gateway service. Together, we will build even more meaning relations – with merchants, customers, and financial partners. We are sure that this acquisition would prove great for Wibmo, PayU, our merchants, customers and the fintech sector!
Have a look at how our story regarding Wibmo acquisition got covered in popular media channels, newspapers and online:
Click on these links below to know more about PayU-Wibmo acquisition:
TechCrunch, CNBC India, The Economic Times, Mint, The Hindu Business Line, Business Standard The Financial Express. Finextra,VentureBeat The Paypers.
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