Naspers arm PayU buys fintech startup Wibmo in $70 million deal
Post acquisition, Cupertino-based Wibmo will continue to operate and serve all its clients as a wholly owned subsidiary of PayU.Wibmo co-founder and CEO Govind Setlur, will now join PayU?s leadership team, reporting to PayU India CEO
- Bengaluru: PayU, an online payment service provider and Naspers' fintech arm, on Friday announced the acquisition of Wibmo, a Silicon Valley startup that works on digital payment security and payment enablement on smartphones.
- Post acquisition, Cupertino-based Wibmo will continue to operate and serve all its clients as a wholly owned subsidiary of PayU.
- Founded in 1999 by Setlur and Veena Mistry, Wibmo provides digital payment security technology in India and other emerging markets.
- PayU, on the other hand, provides payment gateway services and other digital payment enablement services to both consumers and businesses.