PayU Sees Opportunity To Accelerate Growth With Citrus Pay Acquisition
PayU aims to enter lending business; plans to target individuals, SMEs
Naspers Group-owned global online payments solution provider PayU believes its acquisition of India-based rival Citrus Pay will help accelerate its growth in one of the world’s fastest growing markets for FinTech or Financial Technologies.
In an interview with BloombergQuint, PayU’s Global Chief Executive Officer Laurent le Moal said the acquisition, worth $130 million in cash, would make PayU India the largest payment gateway in the market.
Moal expects the merged entity to process transactions worth over $4 billion in 2016.
The FinTech firm now aims to offer credit solutions to individuals, along with small and medium enterprises. To do this, PayU intends to enter into partnerships with banks.
Going forward, PayU plans to implement payment solutions developed for the Indian market in other emerging markets as well, said Moal.