Nasper's payment service PayU buys Govind Setlur's Wibmo for Rs 483 cr

The acquisition takes PayU's fintech investment past the $500 million mark

Online payment service PayU has acquired  California-based financial technology company Wibmo for $70 million (Rs 483 crore). PayU, which is the fintech arm of South Africa’s Naspers would combine its merchant network and  Wibmo’s digital transaction security solutions to offer payments solutions to merchants and financial institutions in India and other high growth markets.

“India is a priority market for PayU and we are committed to making digital payments frictionless through our innovative products and services, supporting the Government’s vision of a digital India,” said Aakash Moondhra, CFO, PayU Global. “Through the acquisition of Wibmo, our endeavour is to positively impact