PayU, an online payment firm has acquired Wibmo Inc. for $70 million, the company told the Indian daily news, VC Circle. PayU is a subsidiary of media and e-commerce group, Naspers.
The California-based Wibmo will operate as a wholly owned subsidiary of PayU, said online payment firm, PayU in its statement, as reported by the Indian daily news, VCCircle.
Essentially, PayU renders financial solutions to cross-border and local merchants in thriving economies. Further, it offers alternative payment methods and point-of-sale credit.
The business deal has crossed $ 500 mark for PayUs India Fintech investment. So far, the acquisition of Citrus Pay for $130 million in 2016 has been deemed the largest investment.
Govind Setlur and Veena Mistry initiated Wibmo in 1999. The California-based company renders digital payment solutions serving to merchants, banks and customers. More so, it renders a hosted payment gateway that permits merchants to receive payments via net banking, debit/credit, net banking, local payment methods and point of sale.
Some of the renowned investors of Wibmo are Intel Capital, Footprint Ventures, Western Technology and Accel. In the previous year, Wimbo acquired the Delhi-based startup company, Mypoolin in the form of cash and stock business deal.