The Weekly Wrap: all you need to know by Friday COB | August 4th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

Rapyd, 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.

Deals of the week

• Petal closes $220m in debt to expand credit card program
• Pockit, an all-in-one financial services app in UK, lands $10m
• India pledges $2m towards digital financial inclusion in Africa
• Novo secures $125m credit facility to provide working capital to SMEs
• Hong Kong based FinTech platform Micro Connect raises $458m in Series C funding
• Mthmr secures 6m SAR to enhance personal finance management
• Traction raises $6m in seed funding to accelerate business growth
• Flash secures $6m in Seed round to boost expansion
• Ramp passes $600m in savings; chosen by Shopify as expense management provider
• Prosus sells part of PayU to Rapyd for $610m, shifts focus to India
• HSBC launches embedded finance venture with Tradeshift
• YES BANK joins Assam Gov to integrate eGRAS portal
• Kiwi & Axis Bank roll out ‘Credit on UPI’ on RuPay cards in India

Be on the lookout for

MoneyExpo India 2023, the premier B2B expo for the financial sector, returns to Mumbai for its second edition.

Taking place at the Jio World Convention Centre on the 12th and 13th of August 2023, MoneyExpo India 2023 will attract thousands of industry professionals from both the region and around the world to the vibrant city of Mumbai.

MoneyExpo India 2023 event presents an unparalleled opportunity for attendees to stay abreast of the latest trends in financial technology, network with industry leaders, and forge new relationships. With just a few weeks remaining until the expo commences, let’s delve into what you can expect this time around.