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