PayU acquires Wibmo for $70 million
According to a Business Standard report, “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...
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According to a Business Standard report, “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.”
PayU is a leading financial services provider in global markets with innovative technology that enables millions of people and merchants to buy and sell online. The company deploys more than 300 payment methods and PCI certified platforms to process approximately 1.2 million payments every single day.
Link Legal India Law Services led by partner K. Venkat Satyanarayana, associate partner Apurbalal Mallik, senior associate Hari Priya, associate Shivam Anand, and associate Lipika Ahuja advised Wibmo Inc’s Indian subsidiaries.
J. Sagar Associates (JSA) led by partners Sidharrth Shankar, Rupinder Malik, Rajul Bohra, Shantanu Jindel, senior associate Shweta Gupta and associates Shrishti Moitra, Priyal Shailendra Somvanshi, Aman Bhatia and Sriram S.L. advised PayU Global BV.
Gunderson Dettmer acted for PayU Global.
