PayU acquires Ding in Colombia
By Edlyn Cardoza
PayU, the payments and FinTech business of Prosus, received the endorsement of Colombian regulatory authorities to acquire Tecnipagos S.A., operating as Ding, a company specialising in electronic payments and deposits.
“PayU has accompanied the evolution of online payments in Colombia and the company now seeks to expand its scope of services to boost the financial inclusion of small and medium-sized companies in the country,” said Francisco León, CEO of PayU Latin America. “We are extremely excited about the acquisition of Ding, as it will help our growth strategy further respond to the permanent challenges arising from the market.”
In recent years, Colombia has stood out for transforming its financial system, allowing new players to enter and making the market more dynamic. PayU is present in more than 50 markets around the world and has extensive experience in the Colombian online payment ecosystem. With this acquisition, it strengthens its solutions portfolio to meet the changing financial and payment service needs of digital consumers, merchants, and entrepreneurs, offering technology even for the unbanked sectors of society.
Mario Shiliashki, Chief Executive Officer of the PayU Global Payments Division, said, “This is undoubtedly one of the most relevant moves in the Colombian financial market, reflecting PayU’s desire to build substantial online businesses for merchants and consumers who offer useful products and services to millions of people in their everyday life. Payments and financial technology are one of PayU’s segments, and Colombia is our most important Hub in Latin America.“
Finally, this acquisition will boost innovation and competition in Colombia’s digital payments industry, strengthening the country’s digital economy and providing financial services to the companies and individuals who may have been historically excluded. This operation is fully aligned with the general vision of the FinTech ecosystem in Colombia, and it is a key objective for PayU in all communities it partakes in.
“PayU is a brand that is present in the hearts of Colombians, not only because of its credibility, solidity, and experience, but also because it was born from a venture in the country. Our strategic vision focuses especially on leveraging SMBs in the country and this acquisition will be a cornerstone in this important purpose,” said Juan Camilo Vargas, Country Manager at PayU Colombia.
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