Rapyd, a London-based fintech-as-a-service provider, has acquired the global payments organisation (GPO) businesses of PayU for $610 million.
The GPO business of PayU, owned by investment group Prosus, operates in around 30 countries around the world and currently has a total payment volume of $34 billion.
The acquisition does not include PayU’s India, Turkey and Southeast Asia business.
The deal will expand Rapyd’s global reach and increase its presence in areas including logistics and transportation. The company said that the purchase will reduce the complexity of building and launch new applications.
Rapyd claims the acquisition will make it one of the largest integrated global FinTechs in the world operating in over 100 countries with over 250,000 merchant clients.
“The synergies with PayU GPO include a richer technology stack, expanded geographic licensing, and broader market reach for our combined merchant portfolios.” said Arik Shtilman, founder and chief executive of Rapyd. “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.”
The deal remains subject to regulatory approvals in various countries.
Latest News
-
HSBC launches tariffs financing tool for US customers
-
Stripe launches ‘world’s first’ AI foundation model for payments
-
New PSR managing director to play key role in consolidation with FCA
-
Palantir, xAI and TWG Global form partnership to drive AI adoption in financial services
-
OakNorth partners with OpenAI to enhance AI-led digital banking
-
Revolut rolls out new AI-driven customer verification technology
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories