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PayU appoints Shailesh Paul as CEO of Wibmo

EntrackrEntrackr ยท 7m ago
PayU appoints Shailesh Paul as CEO of Wibmo
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PayU appoints Shailesh Paul as CEO of Wibmo. Digital financial services provider PayU has appointed Shailesh Paul as the Chief Executive Officer (CEO) of Wibmo, the companyโ€™s paytech division. According to Wibmo, Shailesh Paul will lead the companyโ€™s strategic vision and execution, driving sustainable growth and innovation. He will be instrumental in forging strategic alliances worldwide, advancing Wibmoโ€™s leadership in authentication, digital identity, and fraud prevention. Under his leadership, it will scale its secure transaction platforms and risk-based decision-making solutions, aligning with evolving market demands and regulatory landscapes. โ€œIโ€™m excited to join the talented Wibmo team and the broader PayU leadership team as we push beyond conventional boundaries and create lasting value through trust, innovation, and excellence,โ€ said Shailesh Paul. Prior to joining Wibmo, Shailesh spent over 18 years at Visa, most recently serving as Global Head of SMB Acceptance and previously as Head of Merchant Acquiring for India & South Asia. Shailesh has held various leadership roles in partnerships, product development and business development with prior experience at Standard Chartered and Mastercard. Wibmo, owned by PayU, operates with entities in India, the US, and Indonesia. It is a global full-stack PayTech company that offers payment security and digital payments in emerging markets. The platform also offers fraud and risk management solutions, digital financial services, prepaid solutions, and a variety of merchant-acquiring services. PayU provides payment gateway solutions to online businesses and claims to have empowered over 5 lakhs businesses, including Indiaโ€™s leading enterprises, e-commerce giants and SMBs.

PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions

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PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions
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PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions PayU, the payments and fintech business of Prosus, has acquired a strategic stake in Mumbai-based real-time payments tech company Mindgate Solutions. This partnership strengthens PayUโ€™s presence in Indiaโ€™s real-time payments sector while utilizing Mindgateโ€™s expertise to advance digital payment innovations globally. As part of this deal, PayU will acquire a 43.5% stake in Mindgate, while majority ownership will remain with the company's founders, the company said in a press release. This investment in Mindgate allows PayU to contribute to India's evolving digital payment landscape, driven by instant payment systems like UPI, developed by the National Payment Corporation of India (NPCI). As NPCI expands UPI domestically and globally, Mindgate is poised to play a key role by providing real-time payment infrastructure and expertise to leading banks in India. Person-to-merchant (P2M) transactions increasingly dominate the payments landscape, constituting nearly 60% of all UPI transactions in India. This partnership will enable banks and merchants to meet the evolving needs of consumers through enhanced payment options. Mindgate processes over 8 billion transactions monthly and supports major banks. Expanding across MENA, ASEAN, Europe, and the US, its expertise will enhance PayUโ€™s global reach through its paytech business โ€” Wibmo. The development has come at a time when PayU is planning for its IPO. Itโ€™s eyeing a public listing during the second half of 2025. In India, PayU acquired fintech company PaySense and merged it with LazyPay in early 2020. The company was also close to acquiring fintech firm BillDesk; however, the $4.7 billion deal fell through due to the non-fulfillment of certain conditions.

PayU plans to raise up to $300 Mn ahead of IPO: Report

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PayU plans to raise up to $300 Mn ahead of IPO: Report
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Snippets PayU plans to raise up to $300 Mn ahead of IPO: Report Prosus-backed payments company PayU is said to be exploring a $300 million fundraise by offloading a minority stake. As per a Moneycontrol report, the firm has engaged HSBC as its banking partner for the deal, which is still at an early stage. The fundraise comes ahead of a plan to list on Indian stock exchanges, with the minority stake sale being planned to gauge investor demand and set a valuation benchmark for PayUโ€™s initial public offering (IPO), which is likely in 2026. In March, PayU acquired a 43.5% strategic stake in Mindgate Solutions, a real-time payment technology firm. The company is one of the largest UPI technology service providers in the industry and works with the country's biggest banks. Prosus remains a significant shareholder in PayU and recently infused $35 million into its credit business and backed the Mindgate investment. PayU India helps businesses accept digital payments through a gateway that supports cards, UPI, wallets, EMIs, and QR codes. It serves half a million merchants and offers no-code tools such as payment links and invoicing to simplify setup. The company also adds value through enterprise-grade features such as fraud protection, analytics, tokenisation, split payments, and AI-driven recommendations. On the lending side, PayU provides credit to individuals and businesses underserved by traditional banks. It offers instant loans, EMIs and โ€œbuy now, pay laterโ€ solutions under a Reserve Bank of India approved NBFC licence. PayU generates revenue via transaction fees from its payments arm and interest or processing charges from its lending business. For the fiscal year ended FY25, PayUโ€™s India payments business grew 12% to $498 million, while its overall revenue rose 21% to $669 million.

PayG secures RBI Payment Aggregator license

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PayG secures RBI Payment Aggregator license
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PayG secures RBI Payment Aggregator license Payment gateway PayG has been granted the Payment Aggregator License by the Reserve Bank of India (RBI). This represents a major step forward in PayGโ€™s mission to create a secure, inclusive, and innovation-led payment infrastructure for Indiaโ€™s digital economy. With the license in hand, the startup is now fully authorized to continue delivering seamless and compliant digital payment solutions to its expanding network of merchants and consumers, PayG said in a press release. According to PayG, this license solidifies its aim to build a future-ready payment ecosystem thatโ€™s inclusive, scalable, and relentlessly focused on empowering Indiaโ€™s economic backboneโ€”its micro, small, and medium enterprises (MSMEs). PayG is laser-focused on transforming the digital journey for MSMEs and retailers. By offering user-friendly, secure, and affordable payment solutions, the platform is helping small businessesโ€”from street vendors to local retailers. The Hyderabad-based startup is also actively advancing its partnership with ONDC (Open Network for Digital Commerce). PayG plans to invest in product upgrades, advanced security frameworks, and feature-rich tools designed specifically for MSMEs and retailers. Its upcoming products include advanced analytics to help merchants make smarter decisions, seamless credit facilitation services, integration with popular business platforms for end-to-end solutions, and an easy-to-use payment experience tailored to small businesses. Founded in 2020, PayG is a payment gateway that claims to have partnered with over 1,000 SMB merchants and more than 50 enterprise clients. It features over 120 payment options which include various banksโ€™ credit cards, debit cards, net banking, and wallets to accept payment easily.

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