PayUbuys US-based Wibmo for `484 cr

New Delhi: Digital payments facilitator PayUon Friday said it has acquired US-based financial technology firm Wibmo for $70 million (about Rs 484 crore), that will help the company scale-up its business.

Under the agreement, PayU and Wibmo businesses will continue to run separately. Wibmo, a digital payment security and mobile payment technologies firm, will continue to operate and serve all of its clients as a wholly-owned subsidiary of PayU.

"We will partner with leading banks to enable digital banking, merchants will gain with higher conversions rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions," Aakash Moondhra, CFO, PayU Global said.

The acquisition combines Naspers-owned PayU's strong merchant network and Wibmo's leadership in digital transaction security solutions to offer industry-leading payments solutions to merchants and financial institutions in India and other high growth markets, PayU said in a release.