PayU buys Citrus Pay for $130 mn

PayU, the global online payment service provider has acquired Citrus Pay, a leading Indian payments technology player for $130 million.

PayU’s $130 million transaction is the largest ever M&A cash deal in Indian fintech, demonstrating its payments and financial services expansion strategy.

The deal will grow PayU India customers to more than 30 million, processing a forecasted 150 million transactions in 2016 worth a combined $4.2 billion, growing at 50 per cent YoY. The agreement also enables PayU to quickly bring additional innovative financial services to market for its business and consumer customers.

Amrish Rau, currently Citrus Pay managing director, will become CEO of PayU in India. Reporting to PayU Global CEO, Laurent le Moal, he will lead a talented entrepreneurial management team across PayU and Citrus Pay....Read More

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