PayU has acquired Wibmo, a leading technology and service provider for the financial services industry, for an undisclosed amount. This acquisition combines PayU, a global payments provider, with Wibmo's specialized expertise in payment security and digital payment solutions, marking a significant strategic expansion in the fintech sector.
Founded in Cupertino, CA in 1999, Wibmo has established itself as a global full-stack PayTech company, partnering with 130 banks across 25 countries. It is recognized as the largest authentication service provider in India, a key digital payment market. Wibmo provides a comprehensive suite of solutions encompassing mobile payments, robust fraud and risk management systems like its award-winning TRIDENT FRM, prepaid solutions, and a host of merchant and acquiring services. Its offerings, including Accosa IVS and ACS products, are certified under EMVco, Visa, MasterCard, and other major networks, while its operations adhere to stringent compliance standards like GDPR, ISO27K, and PCI, underscoring its commitment to security and regulatory alignment.
This acquisition is highly strategic for PayU, enabling it to significantly enhance its capabilities in payment security, authentication, and comprehensive digital payment solutions. Wibmo's established global footprint, particularly its strong presence across the USA, Philippines, Indonesia, UAE, Kenya, Nigeria, and South Africa, complements PayU's existing operations and provides avenues for further overseas expansion. The integration of Wibmo’s full-stack payment processing, certified solutions, and extensive bank partnerships will strengthen PayU's platform, offering a more secure, compliant, and comprehensive service to its customers and merchants worldwide.
The combined entity is expected to leverage Wibmo's deep payment domain expertise and full-stack capabilities to drive innovation and expand its service offerings. This strategic move positions PayU for accelerated growth in the rapidly evolving global digital payments market, aiming to deliver enhanced value through broader solutions and deeper market penetration, particularly in emerging digital economies.