Naspers Arm PayU Buys Fintech Startup Wibmo in $70 Million Deal
By Salman S.H.
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. The deal was valued at around $70 million, according to a statement by PayU.
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 chief executive officer (CEO) Govind Setlur, will become part of PayU’s leadership team, reporting to the PayU India chief executive officer, the company said.
Photo courtesy of Pabak Sarkar.