PayU buys 43.5% stake in Mindgate Solutions to strengthen digital payments

PayU, the payments and fintech arm of Prosus, on Thursday said it acquired a 43.5% stake in payments infrastructure startup Mindgate Solutions.

Established in 2008, Mumbai-based Mindgate Solutions provides digital payment solutions to banks, governments, merchants, and corporations. It processes over 8 billion transactions monthly and supports banks with real-time payment infrastructure.

“Our partnership with PayU is a significant milestone in Mindgate’s global expansion journey, combining our proven expertise in real-time digital payments with PayU’s extensive market reach," said George Sam, Co-founder and Business Head, Mindgate Solutions.

According to a statement, Mindgate’s founders will retain majority control, ensuring continuity in strategy and operations. The company has an established presence in markets, including MENA, ASEAN, Europe, and the US, which could provide PayU with additional international growth opportunities.

The deal gives Mumbai-based Mindgate Solutions an enterprise valuation of around $200-250 million, said a report by The Economic Times.

"Mindgate’s expertise in real-time payments complements our mission to drive the next generation of digital payment innovations. Together, we will enhance the infrastructure that supports seamless financial transactions, delivering exceptional value to banks, merchants, and consumers worldwide," said Anirban Mukherjee, CEO of PayU.

“We are thrilled to join hands with PayU, whose global expertise and commitment to innovation align perfectly with our vision. This collaboration is a testament to the transformative work we’ve done and the exciting future ahead,” added Guhan Muthuswamy, Co-founder and Software Architect, Mindgate Solutions.