Rapyd's $610m deal for PayU will assist its global expansion
Fintech unicorn Rapyd is to acquire PayU Global Payment Organisation from Dutch technology group Prosus for US$610m.
PayU GPO provides payment solutions to larger enterprises and small businesses in emerging markets, operating in more than 30 countries around the world. Rapyd is acquiring all of PayU GPO’s operations except for India, Turkey and Southeast Asia. The deal represents a major contributor to Rapyd’s expansion plans, as the fintech lines itself up for a prospective IPO.
When the acquisition completes, the newly combined business will be active in over 100 countries with more than 250,000 merchant clients and a workforce of 1,700 in 22 different locations. The deal will expand Rapyd’s Global Payments Network to include 1,200 payment methods – as well as enterprise customers such as Adidas, Google, Ikea, Meta and Netflix.
In particular, “the acquisition is a strategic move that continues the company’s global expansion across emerging markets in Central and Eastern Europe and Latin America,” Rapyd says in a statement.
What have they said about Rapyd-PayU deal?
Rapyd CEO and co-Founder Arik Shtilman says: “Rapyd’s been on a mission to build bold, and our global expansion continues unabated with a nearly 100% year-over-year growth rate in 2023. Our strategy focusing on both organic growth and acquisitions uniquely positions Rapyd to be one of the largest integrated global fintechs in the world, clearly delivering on our vision of a single, integrated Fintech-as-a-Service platform.
“The synergies with PayU GPO include a richer technology stack, expanded geographic licensing, and broader market reach for our combined merchant portfolios. We’re helping businesses around the world liberate global commerce, and we’re very excited to have PayU’s GPO team join us on this journey.”
Laurent le Moal, PayU Chief Executive Officer stated, “PayU GPO payment business has been an integral part of PayU’s success and it was extremely important to us to work with a visionary company like Rapyd, one that can truly expand our solutions and meet the evolving needs of the dynamic fintech landscape across the globe. Our team is looking forward to joining with Rapyd to build the ultimate global payments platform.”
Rapyd says that, as global commerce opportunities expand, the need for payment and acceptance solutions will grow – something that is bound to play into the company’s hands. It also believes the acquisition will extend its reach; strengthen its position in key verticals including ecommerce and logistics; and reduce the complexity of building and launching new applications.
The deal will now require regulatory approval.
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