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Prosus sells part of PayU to Rapyd for $610m, shifts focus to India

By Gloria Methri

August 01, 2023

  • Digital India
  • Digital Payments
  • FinTech
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PayU, FinTech, Online Payments, Digital Payments, PayU GPO, Prosus, Payments Processing, Payment Infrastructure Provider, IndiaRapyd, the global Fintech-as-a-Service provider is acquiring PayU Global Payment Organisation (GPO) for a total cash consideration of $610 million.

PayU GPO is the payments and FinTech business of Netherlands-based Prosus, a global consumer internet group and one of the largest technology investors in the world. The company offers payment solutions to both enterprise and SMB segments, operating across over 30 countries worldwide.

The transaction will enable PayU to focus on payments and FinTech opportunities in India, where it serves more than 450,000 merchants and over 2 million credit customers.

Rapyd is a digital payment processing and infrastructure company that delivers end-to-end products covering the entire payment spectrum. The acquisition will help Rapyd to significantly scale and market its presence in Central and Eastern Europe and Latin America.

Commenting on the acquisition, CEO, and co-Founder Arik Shtilman stated, “The synergies with PayU GPO include a richer technology stack, expanded geographic licensing, and broader market reach for our combined merchant portfolios. We are helping businesses around the world liberate global commerce, and we are very excited to have PayU’s GPO team join us on this journey.”

Laurent le Moal, PayU’s Chief Executive Officer, stated, “PayU has built and scaled its GPO business successfully over several years. It is important to us that a company with a track record like Rapyd will take the business to the next level, expanding the GPO solutions to meet the evolving needs of the dynamic FinTech landscape globally.”

As global commerce opportunities continue to expand, businesses and software developers are seeking comprehensive payment solutions that can be embedded into any application or business process to accept, receive, and move money worldwide. Businesses can replace multiple bank accounts, processors, and local payment providers, with just one Rapyd relationship.

Bob van Dijk, Prosus and Naspers CEO said, “We are now fully focused on the huge FinTech opportunity in India, where PayU is the leading payments service provider and is rapidly expanding its credit offering. Innovation and progressive regulation are driving rapid change within the digital payments industry in India, and we see many new opportunities to further expand our business there. As one of the fastest-growing major economies in the world, we strongly believe in digital India and are excited about the next phase of growth for PayU in India.”

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