Payu

PayU is an existing investor in the lending startup PaySense

The acquisition can help PayU to expand its lending business

PaySense provides personal loans in the range of INR 5K to 2 Lakhs

Through this move, PayU Payments will own over 8 Lakh shares in LazyPay

Earlier in Jan, the company has separated its lending arm from its payments business

In FY18, LazyPay has gained over 450K consumers and disbursed over $4 Mn worth of loans

The funding round was led by Quona Capital

Reinventure, Ribbit Capital, Omidyar Network and PayU also participated in the round

The funds will be used to strengthen ZestMoney’s EMI financing product

PayU and Wibmo to work with merchants to make targeted payments solutions

Wibmo CEO and founder Govind Setlur, will become part of PayU’s leadership team

PayU has also invested in lending startups like Zest Money, PaySense and Remitly

The deal is expected to be valued at $50 Mn-$60 Mn

Wibmo offers digital payment technology solutions

PayU is doubling down on emerging fintech markets

PayU may pick up 25-30% stake in the company

Funding to value Capital Float at $500 Mn

Capital Float has till now raised $117.7 Mn from Amazon, Sequoia

PayU India accounted for more than 50% of PayU’s business

It processed over 400 Mn transactions in H1 FY19

PayU India’s competitor BillDesk grew revenues by 15% for FY18

Xiaomi plans to float its financial services unit as an NBFC

The company will offer consumer loans to people who purchase electronics, home appliances etc

It will also give credit to corporates for purchasing goods, merchandise etc

Existing investors PayU, Ribbit Capital and Omidyar Network also participated in the round

The company plans to strengthen its technology and data science capabilities

ZestMoney will also work to expand use cases for the core ZestMoney Affordability Product

• DOT announced to sought recommendations to block social media applications such as Facebook, Whatsapp, and Telegram during emergencies
• Competition Commission of India (CCI) announced that it has given final approval to the long-awaited Flipkart-Walmart merger
• Amid controversies arising with Paytm and Airtel Payments Bank, PM Narendra Modi will launch the India Post Payments Bank (IPPB)

As part of the deal, ZOOZ co-founder and CEO Oren Levy and CTO Ronen Morecki will become part of PayU’s global leadership team

The companies will work together to build a comprehensive, modular, and highly flexible Payment OS platform

Following completion of the deal, ZOOZ will be wholly owned by Naspers

Earlier This Month, PayU India Made A Similar Announcement To Discontinue Its PayUMoney Wallet