PayU Completes $70 Million Acquisition of Payment Security Firm Wibmo: India's Four-Way Payments

About three years ago, PayU acquired Citrus Pay for $130 million in cash, which is being touted as the largest cash exit for an Indian payments company to date. After that, we started investing aggressively in various fintech startups like ZestMoney, PaySense and Remitly to introduce more technological and financial innovations in the digital payments space in India.

We recently took an important step - a leap, in fact - in this journey! We're excited to share that we've acquired Wibmo, a California-based payment security company, for $70 million.This strategic acquisition brings our total fintech investments to more than $500 million, making us one of the top five leading fintech investors in the world over the past two years.

We believe that continued technological advances in the digital payments industry will significantly save time and effort for users, both merchants and end consumers.

Founded in 1999, Wibmo provides payment security and authentication, risk management, and mobile payment solutions in over 20 countries around the world. They share our commitment to enabling a frictionless experience in digital payments through innovative products and services that support the government's vision of building a digital and cashless India.

This is a very important moment for all of us at PayU, as combining Wibmo's expertise in payment security and mobile payments with our strong merchant network and heritage in the payments space, we are committed to delivering an even more secure and seamless payment experience for our customers.

Aakash Moondhra, CFO, PayU Global, said, "We will partner with mainstream banks to drive digital banking, merchants will see higher conversions and sales, and consumers will have a frictionless experience when completing digital payment transactions."

How this acquisition will help our merchants

Providing merchants with seamless and secure transactions has always been our top priority! Every step we take can only be considered successful if it helps you (merchants) in digital payments. We are creating a robust online payment ecosystem that meets all your needs in a secure manner and helps you grow your business! For merchants, this acquisition will bring the following benefits:

Higher Success Rates, More Conversions - The PayU-Wibmo integration will reduce the number of links in a transaction from 16 to 6, resulting in lower latency and higher success rates.

Safer Transactions - As mentioned above, Wibmo is a major provider of authentication and payment security solutions. From innovative One StepTM frictionless device fingerprinting to authentication via downloadable apps to fraud detection through behavioural modelling, their innovative solutions help to validate genuine transactions while keeping fraudulent ones out.

Superior consumer experience - With fewer transaction steps, higher success rates and improved authentication, your consumers will have a seamless payment experience.

reach a verdict

These acquisitions and investments are a testament to your trust in choosing PayU as your digital payment solution, and the addition of Wibmo will undoubtedly enhance our core payment gateway services. Together, we will build more meaningful partnerships - with merchants, customers and financial partners. We are confident that this acquisition will be of great benefit to Wibmo, PayU, our merchants, our customers and the FinTech space!

Check out the links below for coverage of our story on the Wibmo acquisition in mainstream media channels, newspapers and online:

Click the link below to learn more about the PayU-Wibmo acquisition:

TechCrunch, CNBC India, The Economic Times, Mint, The Hindu Business Line, Business Standard, The Financial Express, Finextra, VentureBeat, The Paypers.