PayU, Naspers’ fintech arm, has acquired Wibmo to offer new payments solutions to merchants and financial institutions in India and other high growth markets.
The acquisition will enable PayU to build a digital payment ecosystem that harmonises transaction processing on both issuing and acquiring side. Additionally, the two companies will be able to work with merchants and financial institutions to offer targeted payment solutions leveraging data from hundreds of millions of Indian consumers annually. This acquisition will also help PayU accelerate its credit business by leveraging big data to power credit on various online and offline merchants in partnership with lending players.
Given different capabilities, the two companies will continue to run separately. Wibmo will continue to operate and serve all of its clients as a wholly-owned subsidiary of Naspers’ PayU.
PayU will draw upon its presence in other markets to drive the expansion of Wibmo’s payment security and mobile payment business outside India. The investment takes PayU’s fintech investment total past the USD 500 million mark.