In late December 2022, the fintech company PayU, the investment arm of South African multinational Naspers, laid off 150 employees, representing 6% of its global workforce. The Netherlands-based payment service provider implemented these cuts to realign its teams locally, with the layoffs spread across various departments. The reductions primarily impacted PayU's India unit and Wimbo, a California-based payment and security company acquired by PayU in 2019. This restructuring occurred despite the company reporting strong revenue growth in India, highlighting the strategic shifts within the competitive digital payments industry.
