PayU acquires digital financial security firm Wibmo for USD 70 mn

Digital payments facilitator PayU Friday said it has acquired US-based financial technology firm Wibmo for USD 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.

"By combining our track record and expertise in payment security and mobile payments with PayU's strong merchant network and heritage in payments, the combined entity will be focussed on delivering more secure and seamless payments experience to its customers," Govind Setlur, founder and CEO, Wibmo said.

With this, PayU's fintech investment has crossed the USD 500 million mark, the company said, adding the investment has helped it reach within the top five leading global fintech investors over the last two years.