PayU today has now revealed it has now acquired the California headquartered Wibmo Inc, that also operates in the segment of the digital payments, for the $70 Million to expand its reach in entire India.
PayU will acquire the Wibmo payment offerings, which includes the security solutions and payment gateway solutions as a part of the deal, according to the statement.
Both the companies have a sizable presence in India, which will even continue to run as separate businesses.
“Our endeavor 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,” said Aakash Moondhra, chief financial officer of PayU Global.
The founder and CEO of the Wibmo, Govind Setlur will now be going to join the PayU leadership team and report to the company newly appointed CEO Anirban Mukherjee.
Wibmo which is founded in 1999 by the Setlur provides the solutions ranging from the fraud, mobile payments and risk management, prepaid solutions and a wide range of the merchant services.
The investors of the Wibmo include the Footprint Ventures, Accel India, Western Technology and Intel Capital. In March 2018, it had acquired the Mypoolin which is a Delhi based payment technology in both the stock and cash deal.
PayU offers the financial solutions for both the cross border and local merchants in some of the emerging markets, payment methods and point of sale credit.