PayU, the digital credit platform, announced that they are merging the operations of LazyPay and PaySense to start a full-on digital payment platform in India. LazyPay is a buy now pay later platform. PayU has acquired PaySense for $185 million.
The global head of Credit, PayU, Siddhartha Jajodia stated that “Technology has the power to completely transform people’s access to financial services and the credit market in India is ripe for further digital disruption. This merger is the next step in our journey as we accelerate our vision for credit in India”.
The company has a long term vision of bringing up a fintech ecosystem in India by partnering with the right firms and this merger is a part of this. PayU’s credit business in the country will be lead by Prashanth Ranganathan, the current CEO of PaySense.”We are delighted to welcome Prashanth and his experienced team as we integrate this fast-growing business and build a full-stack digital lending platform aligned with PayU’s overall plan of orchestrating a broader Fintech ecosystem in the region”.
Ranganathan, the founder and CEO of PaySense said about this merger that, “ Providing more Indian consumers with access to credit is crucial to helping individuals grow and succeed. PayU is a natural partner for us as we both strive to make finance more simple, accessible and transparent. We are excited to start bringing our personal loan product to more consumers throughout India and truly democratize credit”.
All shareholders of PaySense will exit except Ranganathan who will continue to have a stake in the merged enterprise. The management, as well as a workforce of PaySense, will enter PayU thus adding value to their business.