PayU increases stake in Mindgate to 70%

PayU, the payments and fintech arm of Prosus, has expanded its investment in Mindgate Solutions, increasing its stake to 70% and becoming the company’s majority shareholder. 

The founders, George Sam and Guhan Muthuswamy, will retain a significant 30% minority stake and continue to lead operations.

Mindgate currently powers over 10 billion transactions monthly for partner banks, representing payments worth more than $1 trillion annually. 

The company has emerged as a critical player in the growth of UPI, which recently crossed 20 billion monthly transactions, and supports banks and institutions across India, the Middle East, Southeast Asia, Europe, and the UK.

Mindgate builds real-time payment solutions for banks, governments, merchants, and corporations. Its issuing and payment platforms are used by over 60 global clients to modernize digital payments with scalable, secure, and reliable infrastructure. 

With PayU’s merchant stack complementing Mindgate’s issuing capabilities, the combined platform will offer a full-spectrum solution across the digital payments value chain. For Mindgate, the deal provides expanded reach and capital to accelerate innovation while maintaining leadership continuity.

Mindgate made headlines in March this year after Prosus’s PayU acquired a 43.5% stake in the firm. The strategic acquisition followed Mindgate’s impressive 34.6% year-on-year growth, with revenue surpassing Rs 250 crore in FY24 and net profits surging 3.6X.