Company:PayU

From HandWiki
PayU
TypePrivate
IndustryFintech
Founded2002; 24 years ago (2002)
FounderJose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag, and Narendra Nandal
HeadquartersHoofddorp, Netherlands
Number of locations
17[when?]
Key people
Anirban Mukherjee (CEO)
ServicesPayment gateway
Number of employees
1,500[when?]
ParentNaspers (via Prosus)
Websitecorporate.payu.com

PayU is a Dutch 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]

PayU is owned by major South African corporation Naspers, 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]
  • 2025, PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions.[30]

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.[31] 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.[32]

Latin America

In 2010, PagosOnline sold a majority stake to Buscapé, which was a part of the Naspers Group.[33] In 2011, Naspers acquired the majority stake in DineroMail.[34] In 2013, Naspers acquired the rest of the shares of DineroMail.[35] 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.[36] During the course of 2013 and 2014, PayU Latam and DineroMail merged.[37][38] In 2016, Bcash and PayU, were merged under the PayU brand in Brazil.[39]

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.[40] In 2015, PayU expanded its operations to Nigeria.[41][42]

India

In 2011, Ibibo in conjunction with co-founders Nitin Gupta, Narendra Nandal and Shailaz Nag, rolled out a payment gateway, PayU, in the Indian market to permit websites to integrate e-commerce transactions through online payments. A lawsuit filed against the company in February 2026 by domestic competitor RazorPay alleging that PayU's advertisement campaign in the country imitated RazorPay's IPL 2025 advertisements resulted in a declination to grant interim injunction by the Delhi High Court. [43][44][45]

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,[46][47] an anti-fraud system and an online Visa/MasterCard acquirer.[48][49][50]

See also

References

  1. ↑ "PayU: On the money | Forbes India" (in en-US). https://www.forbesindia.com/article/changing-lanes/payu-on-the-money/50649/1. 
  2. ↑ 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. 
  3. ↑ "Martin Schrimpff" (in en-US). Endeavor. https://endeavor.org/entrepreneur/martin-schrimpff/. 
  4. ↑ 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. 
  5. ↑ "PayU to provide credit for online purchases eyes NBFC licence". The Times of India. https://timesofindia.indiatimes.com/business/india-business/payu-to-provide-credit-for-online-purchases-eyes-nbfc-licence/articleshow/58017543.cms. 
  6. ↑ "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. 
  7. ↑ "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/. 
  8. ↑ "Hamburg-based Kreditech expanding to India". https://www.hamburg-news.hamburg/en/media-it/hamburg-based-kreditech-expanding-india/. 
  9. ↑ Marketing Intern. "payment gateway" (in en). PayU Payment Pvt. Ltd.. https://payu.in/payment-gateway. 
  10. ↑ "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. 
  11. ↑ "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/. 
  12. ↑ "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. 
  13. ↑ 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/. 
  14. ↑ "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/. 
  15. ↑ "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/. 
  16. ↑ "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/. 
  17. ↑ "Kreditech raises €110M from Naspers' PayU in strategic financing partnership" (in en-US). TechCrunch. https://techcrunch.com/2017/05/10/kreditech-payu/. 
  18. ↑ "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/. 
  19. ↑ "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/. 
  20. ↑ 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. 
  21. ↑ "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/. 
  22. ↑ "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. 
  23. ↑ "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. 
  24. ↑ "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/. 
  25. ↑ "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/. 
  26. ↑ "Radu Georgescu (Founding Partner, GECAD Group)" (in en). https://www.startupgrind.com/events/details/startup-grind-bucharest-hosted-radu-georgescu-founding-partner-gecad-group. 
  27. ↑ "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. 
  28. ↑ "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. 
  29. ↑ "PayU acquires controlling stake in Indian credit business PaySense, to merge it with LazyPay" (in en-US). https://techcrunch.com/2020/01/09/payu-paysense-lazypay/. 
  30. ↑ Upadhyay, Harsh. "PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions" (in en). https://entrackr.com/news/payu-acquires-435-stake-in-mumbai-based-mindgate-solutions-8873481. 
  31. ↑ "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. 
  32. ↑ "PayU expands to Russia, Ukraine and Turkey - Business Review" (in en-US). Business Review. 2012-05-22. https://business-review.eu/news/payu-expands-to-russia-ukraine-and-turkey-25986. 
  33. ↑ "Naspers buys Brazilian e-commerce company" (in en). Mail & Guardian. https://mg.co.za/article/2009-09-29-naspers-buys-brazilian-ecommerce-company. 
  34. ↑ "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. 
  35. ↑ "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/. 
  36. ↑ "Naspers culmina compra de DineroMail y lanza PayU Latam". iProfesional. https://www.iprofesional.com/notas/167610-comercio-electronico-e-commerce-dineromail-Naspers-culmina-compra-de-DineroMail-y-lanza-PayU-Latam. 
  37. ↑ "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. 
  38. ↑ "Pagosonline se convierte en PayU Latam" (in es-ES). Blog Comercio Electronico. 2013-08-21. https://blogcomercioelectronico.com/pagosonline-se-convierte-en-payu-latam/. 
  39. ↑ "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/. 
  40. ↑ 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/. 
  41. ↑ "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/. 
  42. ↑ "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/. 
  43. ↑ 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. 
  44. ↑ "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/. 
  45. ↑ Thyagarajan, S N (20 March 2026). "Delhi High Court declines interim relief to Razorpay in suit against PayU over ad campaign". https://www.barandbench.com/news/litigation/delhi-high-court-declines-interim-relief-to-razorpay-in-suit-against-payu-over-ad-campaign. 
  46. ↑ "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/. 
  47. ↑ "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/. 
  48. ↑ "Where is PayU Headed? Follow the Money" (in en-US). Bank Innovation. https://bankinnovation.net/2018/06/where-is-payu-headed-follow-the-money/. 
  49. ↑ 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. 
  50. ↑ 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. 



Retrieved from "https://handwiki.org/wiki/index.php?title=Company:PayU&oldid=4615950"