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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]
Key Information
History
[edit]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
[edit]- 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
[edit]Europe
[edit]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
[edit]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.[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
[edit]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
[edit]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.[43][44]
Products and services
[edit]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,[45][46] an anti-fraud system and an online Visa/MasterCard acquirer.[47][48][49]
See also
[edit]References
[edit]- ^ "PayU: On the money | Forbes India". Forbes India. Retrieved 2018-07-18.
- ^ Sharma, Samidha. "GETS 20% - Naspers' PayU may invest in lending startup ZestMoney". The Times of India. Archived from the original on July 18, 2018. Retrieved 2018-07-18.
- ^ "Martin Schrimpff". Endeavor. Archived from the original on 2018-07-18. Retrieved 2018-07-18.
- ^ ANI (2018-05-10). "UPI-based transactions on PayU up 200% between September, March". Business Standard India. Retrieved 2018-07-18.
- ^ "PayU to provide credit for online purchases eyes NBFC licence - Times of India". The Times of India. Retrieved 2018-07-18.
- ^ "4 payment aggregators to use in Russia | Practical Ecommerce". Practical Ecommerce. 2018-02-18. Retrieved 2018-07-18.
- ^ "Naspers-owned PayU India raises Rs 802 crore". The Financial Express. 2017-04-11. Retrieved 2018-07-18.
- ^ "Hamburg-based Kreditech expanding to India". hamburg-news.hamburg. Retrieved 2018-07-18.
- ^ Marketing Intern. "payment gateway". PayU Payment Pvt. Ltd. Retrieved 2021-08-25.
- ^ "Digital payments gateway PayU eyes acquisitions to enter lending segment". @businessline. Retrieved 2018-07-18.
- ^ "Naspers' PayU leads investment in US digital money transfer platform". Retrieved 2018-07-18.
- ^ "PayU layoffs 6% of its workforce; 150 employees lose jobs: Report". livemint. Retrieved 2022-12-27.
- ^ Lunden, Ingrid (1 August 2023). "Rapyd acquires a piece of PayU from Prosus for $610M to scale its fintech-as-a-service platform". TechCrunch. Retrieved 10 August 2023.
- ^ "PayU acquires Zooz to take on international payment services". Techcrunch. 2016-09-14. Retrieved 2018-07-24.
- ^ "Naspers' PayU buys Citrus Pay for $130M in cash to expand in India". TechCrunch. Retrieved 2018-07-18.
- ^ "PayU to acquire Citrus Pay for $130 mn; Sequoia gets 4x returns". VCCircle. 2016-09-14. Retrieved 2018-07-18.
- ^ "Kreditech raises €110M from Naspers' PayU in strategic financing partnership". TechCrunch. Retrieved 2018-07-18.
- ^ "PayU Infuses $119 Mn In German Fintech Startup Kredtitech; Aims To Increase Credit Access In Emerging Markets - Inc42 Media". Inc42 Media. 2017-05-10. Retrieved 2018-07-18.
- ^ "Remitly is raising up to $115M led by Naspers' PayU to double down on remittances". TechCrunch. Retrieved 2018-07-18.
- ^ Geron, Tomio (31 October 2017). "Remitly Tacks On $115 Million for International Remittances". The Wall Street Journal. Retrieved 2018-07-18.
- ^ "PayU leads $6.5 mn round of funding in ZestMoney". Techcircle. 2017-02-15. Retrieved 2018-07-18.
- ^ "Paysense raises $ 5.3 mn from Jungle, Naspers". Business Standard India. 2017-05-18. Retrieved 2018-07-18.
- ^ "BankFacil receives Series A investment of USD $3 million". Accion. 2015-08-04. Archived from the original on 2017-10-25. Retrieved 2018-07-18.
- ^ "IFC Leads R$60m Series B in Creditas (formerly BankFacil) (em português)". LAVCA | Latin American Private Equity & Venture Capital Association. 2017-02-20. Archived from the original on 2020-06-27. Retrieved 2018-07-18.
- ^ "Entrepreneur Radu Georgescu makes new exit, selling Axigen to a group of Romanian entrepreneurs - Business Review". Business Review. 2014-03-11. Retrieved 2018-07-18.
- ^ "Radu Georgescu (Founding Partner, GECAD Group)". startupgrind.com. Retrieved 2018-07-18.
- ^ "PayU acquires digital financial security firm Wibmo for $70 million - Economic Times". 2019-04-12.
- ^ "Global fintech firm PayU buys Turkey's Iyzico for $165 million". DailySabah. 11 June 2019. Retrieved 2019-06-15.
- ^ "PayU acquires controlling stake in Indian credit business PaySense, to merge it with LazyPay". TechCrunch. Retrieved 2020-09-14.
- ^ Upadhyay, Harsh. "PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions". entrackr.com. Retrieved 2025-03-20.
- ^ "PayU and iwoca launch SME partnership in Poland - AltFi News". AltFi. Retrieved 2018-07-19.
- ^ "PayU expands to Russia, Ukraine and Turkey - Business Review". Business Review. 2012-05-22. Retrieved 2018-07-19.
- ^ Reporter. "Naspers buys Brazilian e-commerce company". Mail & Guardian. Retrieved 2018-07-19.
- ^ "El sitio de pagos DineroMail pasa a manos sudafricanas" (in Spanish). Retrieved 2018-07-19.
- ^ "BuscaPé Inc acquires controlling stake in Latin America online payments platform DineroMail". LAVCA | Latin American Private Equity & Venture Capital Association. 2011-03-01. Retrieved 2018-07-19.
- ^ "Naspers culmina compra de DineroMail y lanza PayU Latam". iProfesional. Retrieved 2018-07-19.
- ^ "La llegada de PayU al mercado latinoamericano de los pagos online | Ebanking News". www.ebankingnews.com (in European Spanish). Retrieved 2018-07-19.
- ^ "Pagosonline se convierte en PayU Latam". Blog Comercio Electronico (in European Spanish). 2013-08-21. Retrieved 2018-07-19.
- ^ "Naspers funde empresas de pagamentos online PayU e Bcash - TeleSíntese". telesintese.com.br (in Brazilian Portuguese). 27 April 2016. Retrieved 2018-07-19.
- ^ M, Swathi P (6 May 2015). "PayU India Rebrands PayU Enterprises And PayUmoney As Independent Entities". nextbigwhat.com. Archived from the original on 2015-05-07. Retrieved 2018-07-19.
- ^ "PayU to expand Nigerian online payment market | IT News Africa – Africa's Technology News Leader". www.itnewsafrica.com. Retrieved 2018-07-19.
- ^ "PayU To Boost Nigerian Online Payments N200B | PYMNTS.com". www.pymnts.com. 6 June 2017. Retrieved 2018-07-19.
- ^ Sahay, Priyanka (2016-02-24). "Ibibo to raise $250 million from Naspers". Live Mint. Retrieved 2018-07-19.
- ^ "Naspers merges PayU India with global payments business". Techcircle. 2014-02-13. Retrieved 2018-07-19.
- ^ "Refer to these companies for secure payments". The Siasat Daily. 2018-07-06. Retrieved 2018-07-19.
- ^ "Refer how secure are your payments with PayU". PayU Blog. 2021-12-22. Retrieved 2021-12-22.
- ^ "Where is PayU Headed? Follow the Money". Bank Innovation. Retrieved 2018-07-19.
- ^ ANI (2018-02-05). "PayU India launches payment collection feature". Business Standard India. Retrieved 2018-07-19.
- ^ Finextra (2017-04-25). "Poland's PayU launches Visa Checkout". Finextra Research. Retrieved 2018-07-19.
