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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.

--IANS

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(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
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