PayU is a

Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

-based

payment service provider A payment service provider (PSP) is a third-party company that assists businesses to accept electronic payments, such as credit cards and debit cards payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those ...

to online merchants. The company was founded in 2002, and is headquartered in

Hoofddorp Hoofddorp (; ) is the main town of the Haarlemmermeer municipality in the province of North Holland in the Netherlands. In 2021, the population was 77,885. The town was founded in 1853, immediately after the Haarlemmermeer had been drained. His ...

. 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. The firm is owned by the Naspers Group, which also owns a stake in one of its sister companies,

Tencent Tencent Holdings Ltd. () is a Chinese multinational technology and entertainment conglomerate and holding company headquartered in Shenzhen. It is one of the highest grossing multimedia companies in the world based on revenue. It is also the wo ...

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. In 2014, all online payments companies that were part of

Naspers Naspers Limited is a South African multinational internet, technology and multimedia holding company headquartered in Cape Town, with interests in online retail, publishing and venture capital investment. Naspers' principal shareholder is its ...

started operating under the PayU brand.

Investment and acquisitions

* Acquired Zooz, an Israeli startup that provides an API to merchants. *Acquired of Indian payments services provider Citrus Pay in September 2016 for $130M. *Investment of €110M in German fintech company Kreditech, which provides machine-learning based underwriting. *PayU led a funding round of $115M in Seattle-based Remitly, a remittance company. *Series A investment of $3.7M in ZestMoney, a provider of consumer finance for online purchases. *Invested $5.3M in Paysense in May 2017 *Investment of R$60M in online credit platform Creditas (ex-BankFacil) *2011, acquired Romanian online payments company GECAD ePayments *2019, acquired US-based digital financial security firm Wibmo for $70M *2019, acquired Turkish digital payments company Iyzico for $165M *2020, acquired fintech startup PaySense for $185M *2022, fired 6% of its workforce

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 iwoca Ltd. () is an online Fintech company based in London. It offers credit facilities to small businesses trading in the UK and Germany via an automated lending platform. CEO Christoph Rieche and CTO James Dear founded iwoca in October 20 ...

to make financing for SME firms easier. In 2010, the company expanded to the Czech Republic. In 2011, the company expanded to Romania. In 2021, it began its operations in

Russia Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-ei ...

Turkey Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a transcontinental country located mainly on the Anatolian Peninsula in Western Asia, with a small portion on the Balkan Peninsula ...

Slovakia Slovakia (; sk, Slovensko ), officially the Slovak Republic ( sk, Slovenská republika, links=no ), is a landlocked country in Central Europe. It is bordered by Poland to the north, Ukraine to the east, Hungary to the south, Austria to the ...

and

Hungary Hungary ( hu, Magyarország ) is a landlocked country in Central Europe. Spanning of the Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Cr ...

Latin America

In 2002, Pagosonline was founded in

Colombia Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the ...

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. In 2011, Naspers acquired the majority stake in DineroMail. In 2013, Naspers acquired the rest of the shares of DineroMail. In 2012, Naspers acquired Pagosonline, replacing the former two with a new payment platform that eventually was rebranded PayU Latam, which 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 Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...

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. In 2015, PayU expanded its operations to

Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...

India

In 2011,

Ibibo Ibibo Group is an online Indian travel organisation founded in January 2007 by Ashish Kashyap. The company is a subsidiary of MakeMyTrip (MMT) Limited, which owns a 100% stake in Ibibo Group. Group owns the B2C online travel aggregator Goib ...

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.

Products and services

PayU is a regulated

financial institution Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial inst ...

. 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.

References

External links

* {{official, https://corporate.payu.com Payment service providers Financial services companies established in 2002 Companies based in North Holland Privately held companies of the Netherlands Online payments