Wibmo - enStage
Provider of payment and processing solutions for the global marketplace.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
$70.0m Valuation: $70.0m | Acquisition | ||
| Total Funding | 000k | ||
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Wibmo, initially known as enStage, was established in 1999 in Cupertino, California, by founders Govind Setlur and Veena Mistry. Mr. Setlur, who served as CEO until 2020, brought extensive experience from prior roles at companies like Silicon Valley Bank, SBC Communications, and KPMG Peat Marwick, leveraging a background that includes a Master's in Engineering with a focus on Automation. The company has positioned itself as a comprehensive full-stack payment technology (PayTech) provider catering to the financial services sector.
The firm's business model revolves around providing digital payment solutions directly to banks, financial institutions, and merchants. Its revenue streams are generated from a suite of services that includes payment security, mobile payments, fraud and risk management, and prepaid solutions. Wibmo operates globally, serving 130 banks across 25 countries, with a significant presence in India where it is a major authentication service provider. A key milestone in the company’s trajectory was its acquisition by PayU, a subsidiary of Naspers, in April 2019 for approximately $70 million, a move designed to merge PayU's vast merchant network with Wibmo's security expertise.
Wibmo’s core offering is a suite of payment processing and security services. A flagship product is its 3-D Secure authentication service, which is critical for verifying online transactions by requiring passwords or one-time passcodes. The company offers a hosted payment gateway that enables merchants to accept various payment forms, including credit/debit cards and mobile payments. For banks, it provides a white-label mobile wallet application. Another key product is its TRIDENT FRM, an award-winning fraud and risk management solution. All products are certified by major card networks like Visa, Mastercard, and RuPay, underlining the company's focus on security and regulatory compliance.
Keywords: payment security, digital payments, fraud management, PayTech, mobile wallet, merchant services, authentication services, financial technology, payment gateway, risk management