Fintech company that provides payment solutions to online merchants.
PayU |
| Company type | Private |
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| Industry | Fintech, Payments Service Provider |
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| Founded | 2002 |
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| Founder | Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag |
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Number of locations | 17 |
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Key people | Anirban Mukherjee (CEO) |
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Number of employees | 1500 |
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| Parent | Naspers |
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| Website | corporate.payu.com |
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PayU is a Netherlands-based payment service provider to online merchants.[1][2] The company was founded in 2002,[3] and is headquartered in Hoofddorp. It allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications.[4][5] As of 2018, the service is available in 17 countries.[6] The firm is owned by the Naspers Group, which also owns a stake in one of its sister companies, Tencent.[7][8]
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.[9][10][11] In 2014, all online payment companies that were part of Naspers started operating under the PayU brand.
In 2022, it fired about 150 employees, approximately 6% of its workforce.[12]
In 2023, PayU sold its global payments business, other than those in its core markets of India, Southeast Asia and Turkey, to Rapyd for $610 million.[13]
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 to make financing for SME firms easier.[30] In 2010, the company expanded to the Czech Republic. In 2011, the company expanded to Romania. In 2012, it began its operations in Russia, Ukraine, Turkey, Slovakia and Hungary.[31]
Latin America
In 2002, Pagosonline was founded in Colombia by Jose Velez, Martin Schrimpff and Santiago Spinel.[citation needed]
In 2010, PagosOnline sold a majority stake to Buscapé, which was a part of the Naspers Group.[32] In 2011, Naspers acquired the majority stake in DineroMail.[33] In 2013, Naspers acquired the rest of the shares of DineroMail.[34] In 2012, Naspers acquired Pagosonline, replacing the former two with a new payment platform that eventually was rebranded PayU Latam, which begun operations in Panama and Peru.[35] During the course of 2013 and 2014, PayU Latam and DineroMail merged.[36][37] In 2016, Bcash and PayU, were merged under the PayU brand in Brazil.[38]
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.[39] In 2015, PayU expanded its operations to Nigeria.[40][41]
India
In 2011, Ibibo 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.[42][43]
Products and services
PayU is a regulated financial institution. It holds licenses from national banks and local regulators. PayU's products include a PCI-DSS certified payment gateway,[44][45] an anti-fraud system and an online Visa/MasterCard acquirer.[46][47][48]
