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PayU acquires majority stake in SE Asian payments provider Red Dot Payment

Laurent le Moal, CEO of PayU

Naspers’ fintech arm PayU has acquired a majority stake in an online payment solutions provider, Red Dot Payment (RDP), thus expanding its footprint in Southeast Asia as well as its total funds invested to fintech investments and M&A to $700 million over the last three years.

Laurent le Moal, CEO of PayU, commented, “This investment is PayU’s first step towards expansion in the SEA region. We will now provide our existing global merchants access to Southeast Asia with single API integration, thus strengthening our global PayU Hub platform. Owing to the immense potential that the SEA market presents, PayU sees a vast opportunity in this region to grow and innovate further.”

“As part of our business strategy, PayU will collaborate with the promising founders who are driven by an entrepreneurial passion. We’re excited to welcome Randy and the team to PayU as we continue to pursue our vision of creating a world without financial borders,” he further added.

A study claims Southeast Asia to be a fast-growing digital payments hub, which is expected to triple in size to US$240 billion in total payments volume by 2025. The acquisition will see PayU integrating RDP platforms into the PayU Hub.

Founded in 2011 in Singapore, Red Dot Payment (RDP) is an online payment solution fintech company which delivers secure and customised payment solutions for all enterprise sizes across Asia and beyond. It focuses on verticals such as online retail, hospitality, charity, food delivery etc.

Randy Tan, CEO and Founder of Red Dot Payment, added: “It has never been easy for global merchants to enter Southeast Asia as they benefit from RDP’s strong local connectivity combined with PayU’s global footprints and experience. We are pleased that RDP will be part of the Naspers’ fintech portfolio as we look forward to the continued extension of our business and market position in Southeast Asia to be the fintech payment solutions champion in this region.”

Red Dot Payment is currently valued at $65 million USD and will continue to retain a stake in its company.

Recently, PayU announced the acquisition of Turkey-based iyzico – a digital payment services provider for $165 million.

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