PayU explained

PayU
Type:Private
Foundation:2002
Locations:17
Key People:Anirban Mukherjee (CEO)
Industry:Fintech, Payments Service Provider
Num Employees:1500
Parent:Naspers
Founder:Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag

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

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.

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 central 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

Notes and References

  1. Web site: PayU: On the money Forbes India. Forbes India. en-US. 2018-07-18.
  2. Web site: GETS 20% - Naspers' PayU may invest in lending startup ZestMoney. https://web.archive.org/web/20180718085422/http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=GETS-20-Naspers-PayU-may-invest-in-lending-08122016021017. dead. July 18, 2018. Sharma. Samidha. The Times of India. en. 2018-07-18.
  3. News: Martin Schrimpff . Endeavor. 2018-07-18. en-US.
  4. News: UPI-based transactions on PayU up 200% between September, March. ANI. 2018-05-10. Business Standard India. 2018-07-18.
  5. News: PayU to provide credit for online purchases eyes NBFC licence - Times of India. The Times of India. 2018-07-18.
  6. News: 4 payment aggregators to use in Russia Practical Ecommerce. 2018-02-18. Practical Ecommerce. 2018-07-18. en-US.
  7. News: Naspers-owned PayU India raises Rs 802 crore. 2017-04-11. The Financial Express. 2018-07-18. en-US.
  8. Web site: Hamburg-based Kreditech expanding to India. hamburg-news.hamburg. 2018-07-18.
  9. Web site: payment gateway. Marketing Intern. PayU Payment Pvt. Ltd.. 2021-08-25. en.
  10. News: Digital payments gateway PayU eyes acquisitions to enter lending segment. @businessline. 2018-07-18. en.
  11. News: Naspers' PayU leads investment in US digital money transfer platform. 2018-07-18. en-US.
  12. Web site: PayU layoffs 6% of its workforce; 150 employees lose jobs: Report. 2022-12-27. livemint. en-US.
  13. News: Lunden . Ingrid . Rapyd acquires a piece of PayU from Prosus for $610M to scale its fintech-as-a-service platform . 10 August 2023 . TechCrunch . 1 August 2023.
  14. News: PayU acquires Zooz to take on international payment services . 2016-09-14. Techcrunch. 2018-07-24. en-US.
  15. News: Naspers' PayU buys Citrus Pay for $130M in cash to expand in India. TechCrunch. 2018-07-18. en-US.
  16. News: PayU to acquire Citrus Pay for $130 mn; Sequoia gets 4x returns. 2016-09-14. VCCircle. 2018-07-18. en-US.
  17. News: Kreditech raises €110M from Naspers' PayU in strategic financing partnership. TechCrunch. 2018-07-18. en-US.
  18. News: PayU Infuses $119 Mn In German Fintech Startup Kredtitech; Aims To Increase Credit Access In Emerging Markets - Inc42 Media. 2017-05-10. Inc42 Media. 2018-07-18. en-US.
  19. News: Remitly is raising up to $115M led by Naspers' PayU to double down on remittances. TechCrunch. 2018-07-18. en-US.
  20. News: Remitly Tacks On $115 Million for International Remittances . The Wall Street Journal. 31 October 2017 . en-US. 2018-07-18. Geron . Tomio .
  21. News: PayU leads $6.5 mn round of funding in ZestMoney. 2017-02-15. Techcircle. 2018-07-18. en-US.
  22. News: Paysense raises $ 5.3 mn from Jungle, Naspers. . 2017-05-18. Business Standard India. 2018-07-18.
  23. News: BankFacil receives Series A investment of USD $3 million. 2015-08-04. Accion. 2018-07-18. en.
  24. News: IFC Leads R$60m Series B in Creditas (formerly BankFacil) (em português). 2017-02-20. LAVCA Latin American Private Equity & Venture Capital Association. 2018-07-18. en-US.
  25. News: Entrepreneur Radu Georgescu makes new exit, selling Axigen to a group of Romanian entrepreneurs - Business Review. 2014-03-11. Business Review. 2018-07-18. en-US.
  26. Web site: Radu Georgescu (Founding Partner, GECAD Group). startupgrind.com. en. 2018-07-18.
  27. News: PayU acquires digital financial security firm Wibmo for $70 million - Economic Times. 2019-04-12. en-US.
  28. Web site: Global fintech firm PayU buys Turkey's Iyzico for $165 million. DailySabah. 11 June 2019. 2019-06-15.
  29. Web site: PayU acquires controlling stake in Indian credit business PaySense, to merge it with LazyPay. 2020-09-14. TechCrunch. en-US.
  30. News: PayU and iwoca launch SME partnership in Poland - AltFi News. AltFi. 2018-07-19. en-GB.
  31. News: PayU expands to Russia, Ukraine and Turkey - Business Review. 2012-05-22. Business Review. 2018-07-19. en-US.
  32. News: Naspers buys Brazilian e-commerce company. Reporter. Mail & Guardian. 2018-07-19. en.
  33. News: El sitio de pagos DineroMail pasa a manos sudafricanas. 2018-07-19. es.
  34. News: BuscaPé Inc acquires controlling stake in Latin America online payments platform DineroMail. 2011-03-01. LAVCA Latin American Private Equity & Venture Capital Association. 2018-07-19. en-US.
  35. News: Naspers culmina compra de DineroMail y lanza PayU Latam. iProfesional. 2018-07-19.
  36. Web site: La llegada de PayU al mercado latinoamericano de los pagos online Ebanking News. www.ebankingnews.com. es-ES. 2018-07-19.
  37. News: Pagosonline se convierte en PayU Latam. 2013-08-21. Blog Comercio Electronico. 2018-07-19. es-ES.
  38. Web site: Naspers funde empresas de pagamentos online PayU e Bcash - TeleSíntese. telesintese.com.br. 27 April 2016. pt-BR. 2018-07-19.
  39. Web site: PayU India Rebrands PayU Enterprises And PayUmoney As Independent Entities. M. Swathi P. nextbigwhat.com. 6 May 2015. en-US. 2018-07-19.
  40. Web site: PayU to expand Nigerian online payment market IT News Africa – Africa's Technology News Leader. www.itnewsafrica.com. en-US. 2018-07-19.
  41. Web site: PayU To Boost Nigerian Online Payments N200B PYMNTS.com. www.pymnts.com. 6 June 2017. en-US. 2018-07-19.
  42. News: Ibibo to raise $250 million from Naspers. Sahay. Priyanka. 2016-02-24. Live Mint. 2018-07-19.
  43. News: Naspers merges PayU India with global payments business. 2014-02-13. Techcircle. 2018-07-19. en-US.
  44. News: Refer to these companies for secure payments. 2018-07-06. The Siasat Daily. 2018-07-19. en-GB.
  45. News: Refer how secure are your payments with PayU. 2021-12-22. PayU Blog. 2021-12-22. en-GB.
  46. Web site: Where is PayU Headed? Follow the Money. Bank Innovation. en-US. 2018-07-19.
  47. News: PayU India launches payment collection feature. ANI. 2018-02-05. Business Standard India. 2018-07-19.
  48. News: Poland's PayU launches Visa Checkout. Finextra. 2017-04-25. Finextra Research. 2018-07-19. en.

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