PayU to acquire Wibmo

Naspers owned Fintech Company PayU is looking to dominate the entire payments processes as it is in talks to acquire Bengaluru and Cupertino based Wibmo that specializes in processing online payments. The deal is reportedly expected to be $50 - $60 Million.

Wibmo offers its digital payment technology solutions and payment security in multiple countries including India. The company also offers 3D secure process of digital payments, which is the page where customers are asked to punch in their passwords or one-time passwords (OTPs) to authenticate digital transactions.

The company is certified by Mastercard, Visa, RuPay as well as PCI DSS and can therefore, process all forms of digital payments from cards to mobile based transactions.  PayU is doubling down on emerging fintech markets, and India is possibly the biggest geography for them. The company will be reportedly committing substantial capital for investments and acquisitions, particularly to build its credit and SMB lending businesses.

PayU has earmarked more than $1 Bn to deploy in India, as it bulks up its portfolio here inorganically. PayU India has emerged as one of the largest players in the online payments space after acquiring Citrus Payments in 2016. Since then, PayU has invested in digital lending startups like Zest Money, PaySense and Remitly.

Wibmo acquires start-up Mypoolin

US-based digital payment company Wibmo Inc. has bought Bengaluru based payment solution provider Mypoolin in a cash and stock deal. The deal was valued above $1 Million and all existing investors will get a combination of stock and cash.

Mypoolin will continue to operate as an Indian subsidiary of Wibmo, but eventually the Bengaluru-based start-up will be integrated with the Wibmo. Incorporated in 2015, Mypoolin provides payment solutions for retail merchants and allows individual users to send and receive money directly from banks. It also provided a feature to split and settle bills with friends using a web interface.

In 2015, Mypoolin raised $250,000 from Qualcomm Ventures, the venture capital arm of the semiconductor maker Qualcomm Inc., Accel Partners, Investopad and many other prominent angel investors. In total the company has raised less than $500,000. On the other hand, Wibmo already has a B2B presence in India and claims to work with private banks in India. The US company plans to use Mypoolin acquisition for expanding its consumer base.

Other acquisitions in the fintech space include The Mobile Wallet, which in January acquired payment platform Trupay for an undisclosed amount. The deal will help TMW expand its payment solutions. In the same month, media conglomerate Bennett, Coleman and Company Ltd (BCCL) acquired a stake in a Mumbai-based online lending firm FinReq.