PayU is a fintech company that provides payment technology to online merchants. The company was founded in 2002 and is headquartered in Hoofddorp, Netherlands. It allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications. As of 2018, the service is available in 17 countries: India, South Africa, Russia, Mexico, Brazil as well as Argentina, Chile, Colombia, Czech Republic, Hungary, Nigeria, Panama, Peru, Poland, Romania, Slovakia and Turkey. PayU is owned by the Naspers Group and its valuation is $5 billion.
|Industry||Fintech, Payments Service Provider|
|Founder||Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag|
Number of locations
|Laurent Le Moal (CEO)|
Number of employees
PayU is the result of multiple payment gateways in various regions of the world that have all been acquired and brought into the PayU group. In 2014, all online payments companies that were part of Naspers started operating under the PayU brand.
Investment and acquisitionsEdit
- Acquired Zooz for undisclosed amount, an Israeli startup that provides an API to merchants for accepting a variety of payments depending on the market.
- Acquisition of Indian payments services provider Citrus Pay in September 2016 for $130M.
- Investment of €110M in German fintech company Kreditech, which provides digital consumer credit using machine-learning based underwriting.
- PayU led funding round of $115M in Seattle-based Remitly, a remittance company with services across UK, US, Canada, Africa, South America and Asia.
- Series A investment of $3.7M in consumer finance for online purchases provider ZestMoney.
- Alongside Naspers Fintech and Nexus Venture Partners, PayU invested $5.3M in Paysense in May 2017
- Investment of R$60M in online credit platform Creditas (ex-BankFacil)
- 2011, PayU acquired Romanian online payments company GECAD ePayments
In November 2006, PayU SA was established and Platnosci.pl was merged into the group. Over the years, PayU grew in Poland and added new products to its portfolio. In 2010, the company expanded to the Czech Republic. In 2011, began its operations in Russia, Turkey, Slovakia and Hungary.
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. And in 2011, Naspers, via Buscapé, acquired the majority stake in DineroMail. In 2013, Naspers acquired the rest of shares of DineroMail . In 2012 Pagosonline started creating a new payment platform that eventually was rebranded PayU Latam. PayU Latam also began operations in Panama and Peru. During the course of 2013 and 2014, PayU Latam and DineroMail merged. In 2016, Bcash and PayU, were merged under the PayU brand in Brazil.
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. In 2015, PayU expanded its operations to Nigeria.
In 2011, Ibibo in conjunction with co-founders Nitin Gupta and Shailaz Nag, rolled out payment gateway, PayU, in the Indian market, to permit websites to integrate e-commerce transactions through online payments.
Products and ServicesEdit
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, an anti-fraud system and an online Visa/MasterCard acquirer.
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