Online payment company PayU, a subsidiary of Naspers (NPNJn.J), has lined up another acquisition. This time, the firm has an agreement to acquire Bengaluru and Cupertino-based Wibmo, which specializes in processing online payments, in a bid to support its expansion in high-growth markets.
PayU’s statement disclosed the size of the acquisition at $70 million and said it brings its total investments and acquisitions in financial technology to more than $500 million since 2016. Netherlands-headquartered PayU revealed earlier that it plans to invest more than $1 billion to get inroads into the massive Indian market.
Following completion of the deal, Wibmo will continue to operate as a separate brand wholly owned by Naspers, a global internet and entertainment group which is listed on both the Johannesburg and London Stock Exchanges.
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PayU currently operates in nearly 20 markets where it allows users to make a payment online on a computer, tablet, mobile device, e-wallet and offline, providing over 250 payment methods.
The acquisition completes PayU’s entire suite
In turn, Wibmo offers multiple payment services and processes all forms of digital payments from cards to mobile-based transactions. The company also provides technology solutions that include a 3D secure process of digital payments to authenticate digital merchant transactions. Wibmo, formerly known as Enstage, is certified by Mastercard, Visa, RuPay and was backed by early-stage venture fund Accel Partners.
This new acquisition will complete the entire suite of payments offerings for PayU and adds value to its existing business of providing payment acceptance solutions for online merchants.
Last summer, PayU acquired Israeli payment technology provider Zooz to create a payments infrastructure whose features will include fraud management and smart routing.