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.
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