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PayUbuys US-based Wibmo for `484 cr
Digital payments facilitator PayUon Friday said it has acquired US-based financial technology firm Wibmo for $70 million (about Rs 484 crore), that will help the company scale-up its business
New Delhi: Digital payments facilitator PayUon Friday said it has acquired US-based financial technology firm Wibmo for $70 million (about Rs 484 crore), that will help the company scale-up its business.
Under the agreement, PayU and Wibmo businesses will continue to run separately. Wibmo, a digital payment security and mobile payment technologies firm, will continue to operate and serve all of its clients as a wholly-owned subsidiary of PayU.
"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," Aakash Moondhra, CFO, PayU Global said.
The acquisition combines Naspers-owned 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, PayU said in a release.
