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PayU acquires US-based Wibmo for $70 mn

IANS  |  New Delhi 

Online payment service provider on Friday announced the acquisition of US-based firm for $70 million (around Rs 484 crore).

Given different capabilities and positioning in the value chain, and businesses will continue to run separately, said in a statement.

partners and deeply integrates with banks in over 20 countries to offer payment authentication and risk-based decisioning across billions of online and mobile payment transactions.

"This strategic acquisition combines PayU's strong and Wibmo's leadership in to offer industry-leading to merchants and financial institutions in and other high growth markets," the statement said.

Aakash Moondhra, CFO, said: "We will partner with leading banks to enable digital banking, merchants will gain with higher conversion rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions."

Wibmo will continue to operate and serve all of its clients under its founder and as a wholly-owned subsidiary of PayU.

The investment takes PayU's fintech investment total past the $500 million mark, putting the company within the top five leading global fintech investors over the last two years, said the statement.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 12 2019. 19:50 IST