PayU strengthens its Latin America foothold with investment in Colombia
By Edlyn Cardoza
Today, PayU, a leading FinTech and online payments provider across high-growth emerging markets, announces that it has strengthened its presence in Latin America with a strategic acquisition of Ding, a Colombian FinTech specialising in online payments. In addition to this, it has also participated in a global financing round alongside other investors worth $46 million for Treinta, the Colombian super-app that helps Latin American SMEs digitise their processes through online services, including accounting, inventory management and trading solutions.
Colombia has stood out for transforming its financial system in recent years, allowing new players to enter and capitalise on the market. PayU’s acquisition of Ding supports precisely this. It will help accelerate innovation and competition within the digital payments industry in Colombia by strengthening the country’s digital economy and providing entry to the market for SMEs who were previously unable to access traditional financial services.
PayU recently reached an agreement with CredibanCo to acquire Tecnipagos S.A., which operates under the Ding brand, a company specialising in enabling seamless electronic deposits and payments. With this acquisition, PayU strengthens its portfolio of solutions to meet the changing payment and financial services needs of digital consumers, merchants, and entrepreneurs, offering cutting-edge technology even in unbanked sectors of society.
PayU’s investment in Treinta also aims to provide the necessary technological tools to help merchants control their finances, make better decisions, and grow their business. Treinta will use the funds it received from investors to strengthen its product offering further, expand the app’s user base, and attract the best talent in the region. This will be done by leveraging both PayU’s and Treinta’s partnerships in the region.
In only 18 months since its launch, Treinta has partnered with more than four million SMEs in more than 18 countries in Latin America through its super-app that enables digital business management. There is clear evidence of the demand for accessible financial services for SMEs, and PayU’s position in the global market will allow Treinta and its partners to reach a wider consumer pool.
Colombia is one of the largest economies in Latin America and has the fifth largest e-commerce market. Latin America is expected to have 260.2 million digital shoppers by the end of 2022 and is expected to drive $167.81 billion in purchases.
Francisco León, PayU’s CEO for Latin America, comments: “By acquiring and investing in businesses like Ding and Treinta, both global and local SMEs are able to expand their business within LatAm, providing the best payments service with the consumer experience first in mind. We are very excited to expand the reach of Treinta and Ding’s innovative solutions, particularly as these services are fully aligned with our strategic goal of creating a world without financial borders.”
Mario Shiliashki, Global CEO of PayU’s payments division, adds: “Our recent activity in Colombia reflects PayU’s desire to provide seamless online and cross-border transactions for merchants and consumers. These are just two examples of how we are providing useful products and services to millions of people in their daily lives. PayU has helped to facilitate the evolution of online payments in Colombia since 2011 and we are proud to be extending our services to promote financial inclusion for SMEs in both Colombia and globally.”
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