We sometimes get a bit confused by all these kooky names that these fintechs come up with, we’ll admit it. We saw today that Mumbai-based fintech Citrus has been acquired by Holland-based PayU for $130M, said to be the largest M&A cash deal for an Indian fintech ever. We thought we’d featured Citrus before, but in fact we featured ZEST , a US-based fintech, in a prior story. Citrus is in consumer payments and mobile banking in India, and according to their website……..
“Citrus makes digital payments and online checkout processes simpler, faster, safer and easier for an 800 million strong electronically connected user base.”
The firm was founded in April, 2011 and hired their first employee four months later. They offer both consumer wallets and payment solutions for businesses. It also appears that the firm entered into an agreement on August 8th to be sold to Naspers, the parent company on PayU, and then closed the deal on September 13th.
Acquired by PayU on September 13, 2016
Total Equity Funding
$32.5M in 3 Rounds from 3 Investors