Short description: Fintech company that provides payment solutions to online merchants.
PayU |
Type | Private |
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Industry | Fintech, Payments Service Provider |
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Founded | 2002 |
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Founder | Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag |
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Number of locations | 17 |
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Key people | Anirban Mukherjee (CEO) |
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Number of employees | 1500 |
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Parent | Naspers |
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Website | corporate.payu.com |
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PayU is a Netherlands-based payment service provider to online merchants.[1][2] The company was founded in 2002,[3] and is headquartered in Hoofddorp. It allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications.[4][5] As of 2018, the service is available in 17 countries.[6] The firm is owned by the Naspers Group, which also owns a stake in one of its sister companies, Tencent.[7][8]
History
PayU is the result of multiple payment gateways in various regions of the world that have been acquired and brought into the PayU group.[9][10][11] In 2014, all online payment companies that were part of Naspers started operating under the PayU brand.
In 2022, it fired about 150 employees, approximately 6% of its workforce.[12]
In 2023, PayU sold its global payments business, other than those in its core markets of India , Southeast Asia and Turkey, to Rapyd for $610 million.[13]
Investment and acquisitions
- Acquired Zooz, an Israeli startup that provides an API to merchants.[14]
- Acquired Indian payments services provider, Citrus Pay in September 2016 for $130M.[15][16]
- Investment of €110M in German fintech company Kreditech, which provides machine-learning-based underwriting.[17][18]
- PayU led a $115M funding round of Seattle-based Remitly, a remittance company.[19][20]
- Series A investment of $3.7M in ZestMoney, a provider of consumer finance for online purchases.[21]
- Invested $5.3M in Indian fintech startup PaySense in May 2017[22]
- Investment of R$60M in online credit platform Creditas (ex-BankFacil)[23][24]
- 2011, acquired Romanian online payments company GECAD ePayments[25][26]
- 2019, acquired US-based digital financial security firm Wibmo for $70M[27]
- 2019, acquired Turkish digital payments company Iyzico for $165M[28]
- 2020, acquired Indian fintech startup PaySense for $185M[29]
Operations
Europe
In November 2006, PayU SA was established and the Polish firm Platnosci.pl was merged into the group. The company also has a partnership with Iwoca to make financing for SME firms easier.[30] In 2010, the company expanded to the Czech Republic. In 2011, the company expanded to Romania. In 2012, it began its operations in Russia , Ukraine , Turkey, Slovakia and Hungary.[31]
Latin America
In 2002, Pagosonline was founded in Colombia by Jose Velez, Martin Schrimpff and Santiago Spinel.[citation needed]
In 2010, PagosOnline sold a majority stake to Buscapé, which was a part of the Naspers Group.[32] In 2011, Naspers acquired the majority stake in DineroMail.[33] In 2013, Naspers acquired the rest of the shares of DineroMail.[34] In 2012, Naspers acquired Pagosonline, replacing the former two with a new payment platform that eventually was rebranded PayU Latam, which begun operations in Panama and Peru.[35] During the course of 2013 and 2014, PayU Latam and DineroMail merged.[36][37] In 2016, Bcash and PayU, were merged under the PayU brand in Brazil .[38]
Africa
PayJar was founded in South Africa in 2010 as part of the Naspers group to help other Naspers companies process online payments. In 2011, PayJar was rebranded to PayU.[39] In 2015, PayU expanded its operations to Nigeria.[40][41]
India
In 2011, Ibibo in conjunction with co-founders Nitin Gupta and Shailaz Nag, rolled out a payment gateway, PayU, in the Indian market to permit websites to integrate e-commerce transactions through online payments.[42][43]
Products and services
PayU is a regulated financial institution. It holds licenses from national banks and local regulators. PayU's products include a PCI-DSS certified payment gateway,[44][45] an anti-fraud system and an online Visa/MasterCard acquirer.[46][47][48]
See also
References
- ↑ "PayU: On the money | Forbes India" (in en-US). http://www.forbesindia.com/article/changing-lanes/payu-on-the-money/50649/1.
- ↑ Sharma, Samidha. "GETS 20% - Naspers' PayU may invest in lending startup ZestMoney" (in en). http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GETS-20-Naspers-PayU-may-invest-in-lending-08122016021017. [|permanent dead link|dead link}}]
- ↑ "Martin Schrimpff" (in en-US). Endeavor. https://endeavor.org/entrepreneur/martin-schrimpff/.
- ↑ ANI (2018-05-10). "UPI-based transactions on PayU up 200% between September, March". Business Standard India. https://www.business-standard.com/article/news-ani/upi-based-transactions-on-payu-up-200-between-september-march-118051001114_1.html.
- ↑ "PayU to provide credit for online purchases eyes NBFC licence - Times of India". The Times of India. https://timesofindia.indiatimes.com/business/india-business/payu-to-provide-credit-for-online-purchases-eyes-nbfc-licence/articleshow/58017543.cms.
- ↑ "4 payment aggregators to use in Russia | Practical Ecommerce" (in en-US). Practical Ecommerce. 2018-02-18. https://www.practicalecommerce.com/4-payment-aggregators-use-russia.
- ↑ "Naspers-owned PayU India raises Rs 802 crore" (in en-US). The Financial Express. 2017-04-11. https://www.financialexpress.com/money/naspers-owned-payu-india-raises-rs-802-crore/623321/.
- ↑ "Hamburg-based Kreditech expanding to India". https://www.hamburg-news.hamburg/en/media-it/hamburg-based-kreditech-expanding-india/.
- ↑ Marketing Intern. "payment gateway" (in en). PayU Payment Pvt. Ltd.. https://payu.in/payment-gateway.
- ↑ "Digital payments gateway PayU eyes acquisitions to enter lending segment" (in en). @businessline. https://www.thehindubusinessline.com/info-tech/digital-payments-gateway-payu-eyes-acquisitions-to-enter-lending-segment/article10009050.ece.
- ↑ "Naspers' PayU leads investment in US digital money transfer platform" (in en-US). https://businesstech.co.za/news/internet/208335/naspers-payu-leads-investment-in-us-digital-money-transfer-platform/.
- ↑ "PayU layoffs 6% of its workforce; 150 employees lose jobs: Report" (in en-US). https://www.livemint.com/companies/news/payu-layoffs-6-of-its-workforce-150-employees-lose-jobs-report-11672035519752.html.
- ↑ Lunden, Ingrid (1 August 2023). "Rapyd acquires a piece of PayU from Prosus for $610M to scale its fintech-as-a-service platform". TechCrunch. https://techcrunch.com/2023/07/31/rapyd-acquires-a-piece-of-payu-from-prosus-for-610m-to-scale-its-fintech-as-a-service-platform/.
- ↑ "PayU acquires Zooz to take on international payment services" (in en-US). Techcrunch. 2016-09-14. https://techcrunch.com/2018/07/22/payu-acquires-zooz-to-take-on-international-payment-services/.
- ↑ "Naspers' PayU buys Citrus Pay for $130M in cash to expand in India" (in en-US). TechCrunch. https://techcrunch.com/2016/09/14/naspers-payu-buys-citrus-pay-for-130m-in-cash-to-expand-in-india/.
- ↑ "PayU to acquire Citrus Pay for $130 mn; Sequoia gets 4x returns" (in en-US). VCCircle. 2016-09-14. https://www.vccircle.com/naspers-owned-payu-acquire-citrus-pay-130-mn/.
- ↑ "Kreditech raises €110M from Naspers' PayU in strategic financing partnership" (in en-US). TechCrunch. https://techcrunch.com/2017/05/10/kreditech-payu/.
- ↑ "PayU Infuses $119 Mn In German Fintech Startup Kredtitech; Aims To Increase Credit Access In Emerging Markets - Inc42 Media" (in en-US). Inc42 Media. 2017-05-10. https://inc42.com/buzz/kreditech-funding/.
- ↑ "Remitly is raising up to $115M led by Naspers' PayU to double down on remittances" (in en-US). TechCrunch. https://techcrunch.com/2017/10/31/remitly-is-raising-up-to-115m-led-by-naspers-payu-to-double-down-on-remittances-in-india/.
- ↑ Geron, Tomio (31 October 2017). "Remitly Tacks On $115 Million for International Remittances" (in en-US). https://www.wsj.com/articles/remitly-tacks-on-115-million-for-international-remittances-1509449421.
- ↑ "PayU leads $6.5 mn round of funding in ZestMoney" (in en-US). Techcircle. 2017-02-15. https://techcircle.vccircle.com/2017/02/15/payu-leads-6-5-mn-round-of-funding-in-zestmoney/.
- ↑ "Paysense raises $ 5.3 mn from Jungle, Naspers". Business Standard India. 2017-05-18. https://www.business-standard.com/article/companies/paysense-raises-5-3-mn-from-jungle-naspers-117051801149_1.html.
- ↑ "BankFacil receives Series A investment of USD $3 million" (in en). Accion. 2015-08-04. https://www.accion.org/content/bankfacil-receives-series-investment-usd-3-million.
- ↑ "IFC Leads R$60m Series B in Creditas (formerly BankFacil) (em português)" (in en-US). LAVCA | Latin American Private Equity & Venture Capital Association. 2017-02-20. https://lavca.org/2017/02/20/ifc-leads-r60m-series-b-creditas-formerly-bankfacil-em-portugues/.
- ↑ "Entrepreneur Radu Georgescu makes new exit, selling Axigen to a group of Romanian entrepreneurs - Business Review" (in en-US). Business Review. 2014-03-11. https://techcrunch.com/2019/04/12/payu-wibmo/.
- ↑ "Radu Georgescu (Founding Partner, GECAD Group)" (in en). https://www.startupgrind.com/events/details/startup-grind-bucharest-hosted-radu-georgescu-founding-partner-gecad-group.
- ↑ "PayU acquires digital financial security firm Wibmo for $70 million - Economic Times" (in en-US). 2019-04-12. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/payu-acquires-digital-financial-security-firm-wibmo-for-70-million/articleshow/68849969.cms.
- ↑ "Global fintech firm PayU buys Turkey's Iyzico for $165 million". 11 June 2019. https://www.dailysabah.com/technology/2019/06/11/global-fintech-firm-payu-buys-turkeys-iyzico-for-165-million.
- ↑ "PayU acquires controlling stake in Indian credit business PaySense, to merge it with LazyPay" (in en-US). https://social.techcrunch.com/2020/01/09/payu-paysense-lazypay/.
- ↑ "PayU and iwoca launch SME partnership in Poland - AltFi News" (in en-GB). AltFi. http://www.altfi.com/article/2986_payu_and_iwoca_launch_sme_partnership_in_poland.
- ↑ "PayU expands to Russia, Ukraine and Turkey - Business Review" (in en-US). Business Review. 2012-05-22. http://business-review.eu/news/payu-expands-to-russia-ukraine-and-turkey-25986.
- ↑ Reporter. "Naspers buys Brazilian e-commerce company" (in en). Mail & Guardian. https://mg.co.za/article/2009-09-29-naspers-buys-brazilian-ecommerce-company.
- ↑ "El sitio de pagos DineroMail pasa a manos sudafricanas" (in es). https://www.lanacion.com.ar/1352068-el-sitio-de-pagos-dineromail-pasa-a-manos-sudafricanas.
- ↑ "BuscaPé Inc acquires controlling stake in Latin America online payments platform DineroMail" (in en-US). LAVCA | Latin American Private Equity & Venture Capital Association. 2011-03-01. https://lavca.org/2011/03/01/buscape-inc-acquires-controlling-stake-in-latin-america-online-payments-platform-dineromail/.
- ↑ "Naspers culmina compra de DineroMail y lanza PayU Latam". iProfesional. http://www.iprofesional.com/notas/167610-comercio-electronico-e-commerce-dineromail-Naspers-culmina-compra-de-DineroMail-y-lanza-PayU-Latam.
- ↑ "La llegada de PayU al mercado latinoamericano de los pagos online | Ebanking News" (in es-ES). http://www.ebankingnews.com/noticias/la-llegada-de-payu-al-mercado-latinoamericano-de-los-pagos-online-0017362.
- ↑ "Pagosonline se convierte en PayU Latam" (in es-ES). Blog Comercio Electronico. 2013-08-21. https://blogcomercioelectronico.com/pagosonline-se-convierte-en-payu-latam/.
- ↑ "Naspers funde empresas de pagamentos online PayU e Bcash - TeleSíntese" (in pt-BR). 27 April 2016. http://www.telesintese.com.br/naspers-funde-empresas-de-pagamentos-online-payu-e-bcash/.
- ↑ M, Swathi P (6 May 2015). "PayU India Rebrands PayU Enterprises And PayUmoney As Independent Entities" (in en-US). https://www.nextbigwhat.com/payu-rebranding-297/.
- ↑ "PayU to expand Nigerian online payment market | IT News Africa – Africa's Technology News Leader" (in en-US). http://www.itnewsafrica.com/2017/06/payu-to-expand-nigerian-online-payment-market/.
- ↑ "PayU To Boost Nigerian Online Payments N200B | PYMNTS.com" (in en-US). 6 June 2017. https://www.pymnts.com/news/payment-methods/2017/payu-seeks-to-boost-nigerian-online-payment-market-beyond-n200-billion-online-bill-payment-africa/.
- ↑ Sahay, Priyanka (2016-02-24). "Ibibo to raise $250 million from Naspers". Live Mint. https://www.livemint.com/Companies/kspyuWIIV4D5yCBB7bH4zL/Ibibo-Group-to-raise-250m-from-Naspers.html.
- ↑ "Naspers merges PayU India with global payments business" (in en-US). Techcircle. 2014-02-13. https://techcircle.vccircle.com/2014/02/13/naspers-merges-payu-india-with-global-payments-business/.
- ↑ "Refer to these companies for secure payments" (in en-GB). The Siasat Daily. 2018-07-06. https://www.siasat.com/news/refer-these-companies-secure-payments-1377752/.
- ↑ "Refer how secure are your payments with PayU" (in en-GB). PayU Blog. 2021-12-22. https://payu.in/blog/how-secure-are-your-payments-with-payu/.
- ↑ "Where is PayU Headed? Follow the Money" (in en-US). Bank Innovation. https://bankinnovation.net/2018/06/where-is-payu-headed-follow-the-money/.
- ↑ ANI (2018-02-05). "PayU India launches payment collection feature". Business Standard India. https://www.business-standard.com/article/news-ani/payu-india-launches-payment-collection-feature-118020500536_1.html.
- ↑ Finextra (2017-04-25). "Poland's PayU launches Visa Checkout" (in en). Finextra Research. https://www.finextra.com/pressarticle/68962/polands-payu-launches-visa-checkout.
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Payment gateways | |
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Mobile wallets | |
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External links
| Original source: https://en.wikipedia.org/wiki/PayU. Read more |