The Digital Payment giant “PayU” has acquired US-based financial technology firm Wibmo recently for $70 Million i.e. of about Rs. 484 Crore.
‘Aakash Moondhra’ is the CFO of PayU Global. This acquisition will help Wibmo to improve its
business. However, both the business venture will run separately, under the mutual agreement. Wibmo is
digital payment security and mobile payment technological firm and will continue to operate and serve all of its clients as a wholly-owned subsidiary of PayU.
Wibmo is based in
California at Cupertino. This strategic
acquisition of Wibmo combines 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.
It has been expected that the acquisition of Wibmo will help PayU to build a great digital payment
ecosystem which is capable of harmonizing transaction processing on both issuing and acquiring side, to deliver a seamless payment experience and industry-leading success rates in online and mobile payments.
“Govind Setlur”, the Founder and CEO will continue to lead Wibmo,
will report to PayU India CEO Anirban Mukherjee. The PayU's fintech investment has crossed the USD 500 million mark, adding the investment has helped the company to reach within the top five leading global fintech investors over the last two years.
Wibmo also works with banks across 20 countries to offer
payment authentication and risk-based decision making across a billion online and mobile-based payment transactions.
Wibmo works with more than 60 banks in India and has been steadily increasing revenue from clients through advanced products.
