Prosus's fintech and payments division, PayU, has increased its ownership of Mindgate Solutions to 70%, making it the company's largest shareholder. George Sam and Guhan Muthuswamy, the company's founders, will continue to run the business and hold a sizeable 30% minority stake.
Key Highlights
- PayU now holds 70% stake in Mindgate Solutions, founders George Sam and Guhan Muthuswamy retain 30%.
- Mindgate’s valuation reaches US$300 million, amplifying its role in India’s real-time payments and fintech growth.
Over 10 billion transactions per month, or more than $1 trillion in payments annually, are currently powered by Mindgate for partner banks.
Supporting banks and institutions in India, the Middle East, Southeast Asia, Europe, and the UK, the company has become a key player in the growth of UPI, which recently surpassed 20 billion monthly transactions.
Mindgate develops real-time payment systems for businesses, governments, banks, and retailers. More than 60 clients worldwide use its issuing and payment platforms to update digital payments with scalable, secure, and dependable infrastructure.
Also Read: PayU Eyes $300 Million Funding Ahead of Planned IPO
Mindgate's issuing capabilities will be enhanced by PayU's merchant stack, resulting in a comprehensive solution for the entire digital payments value chain. The agreement gives Mindgate more reach and funding to spur innovation while preserving leadership continuity.
In March of this year, Mindgate gained notoriety when Prosus's PayU purchased a 43.5% share in the company. Following Mindgate's remarkable 34.6% year-over-year growth, which saw revenue surpass Rs 250 crore in FY24 and net profits spike 3.6X, the strategic acquisition was made.
