LONDON--(BUSINESS WIRE)--Aug 1, 2023--
Rapyd, the leading global Fintech-as-a-Service provider, announced today the acquisition of PayU Global Payment Organisation (‘GPO’; not including PayU’s India, Turkey and Southeast Asia operations) of Netherlands-based Prosus (AEX:PRX) (XJSE:PRX), a global consumer internet group and one of the largest technology investors in the world. PayU GPO, a leading provider of best-in-class payment solutions to both enterprise and SMB segments in emerging markets, operates across over 30 countries worldwide. Rapyd will purchase PayU GPO for $610 million.
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Rapyd’s industry-leading fintech platform, extensive global payments network, and local markets expertise, coupled with the acquisition of PayU GPO, further solidifies Rapyd’s position as a dominant global fintech leader continuing the company’s trajectory towards an IPO. The acquisition is a strategic move that continues the company’s global expansion across emerging markets in Central and Eastern Europe and Latin America. Combined with PayU GPO, Rapyd boasts an unprecedented:
- 100+ transacting countries
- Over 250,000 merchant clients globally
- Expansion of the Rapyd Global Payments Network to over 1,200 payment methods supported by 18 settlement hubs
- 41 countries that are licensed or regulated
- A portfolio of Tier 1 enterprise clients including Adidas, Google, Ikea, Meta, Netflix, Rappi and Uber
- A wide range of partner channels that acquire SMB merchants including integrated software vendors (ISVs), independent sales organizations (ISOs) and payment facilitators (PayFacs)
- A combined global workforce of 1700, working in 22 offices worldwide and representing 50+ nationalities
Commenting on the acquisition, Rapyd CEO and co-Founder Arik Shtilman stated, “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.”
Following Rapyd’s recent leadership announcements, customer wins, new partnership agreements and product innovations, the company has also actively pursued acquisition opportunities, targeting strong payments companies to enhance their capabilities by connecting them to the Rapyd Global Payments Network.
Mr. Shtilman added, “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 has built and scaled its GPO business successfully over a number of 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. I wish Rapyd every success as it continues to build its global payments platform.”
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. The need to support a wide variety of use cases from accepting payments using locally preferred methods, to paying out businesses and individuals across borders, and issuing cards and credit is only growing. Businesses can replace multiple bank accounts, processors and local payments providers, with just one Rapyd relationship.
The acquisition of PayU GPO expands Rapyd’s global reach, strengthening its position in key vertical markets including eCommerce, logistics and transportation. It also reduces the complexity of building and launching new applications with some of the most comprehensive cross-border payments and commerce technology available to businesses globally.
The completion of the transaction is subject to receipt of regulatory approvals in various countries.
About Rapyd
Rapyd lets you build bold. Liberate global commerce with all the tools your business needs to create payment, payout and fintech experiences everywhere. From Fortune 500s to ambitious business and technology upstarts, our payments network and powerful fintech platform make it easy to pay suppliers and get paid by customers—locally or internationally.
With offices worldwide, including Tel Aviv, Dubai, London, Iceland, San Francisco, Miami, Hong Kong and Singapore, we know what it takes to make cross-border commerce as easy as being next door. Rapyd simplifies payments so you can focus on building your business.
Get the tools to grow globally at www.rapyd.net. Follow: Blog, Insta, LinkedIn, Twitter.
About Prosus
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.
The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.
Every day, billions of customers use the products and services of companies that Prosus has invested in, acquired or built. For an overview, please visit our portfolio page.
For listed companies where we have an interest, please see: Tencent, Delivery Hero, Remitly, Trip.com, Udemy, Skillsoft, Sinch, and Similarweb.
For more information, please visit www.prosus.com.
PayU
PayU is the payments and fintech business of Prosus, a global consumer internet group and one of the largest technology investors in the world. For the last 20 years, PayU has been a leading online payment service provider, operating in 50+ high-growth markets, dedicated to creating cutting-edge financial services tailored to the needs of over 450,000 merchants and millions of consumers. Focused on empowering people through financial services and creating a world without financial borders where everyone can prosper, PayU is one of the biggest investors in the fintech space, with investments totalling over $1 billion to date.
As an online payment service provider, it deploys hundreds of payment methods and PCI-certified platforms to process approximately 10 million payments every single day. It also specializes in innovative consumer and small business solutions that improve access to credit and banking services in markets that are underserved by traditional financial services providers.
For more information, please visit: https://corporate.payu.com.
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KEYWORD: NETHERLANDS NORTH AMERICA UNITED STATES UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: TECHNOLOGY PAYMENTS FINANCE FINTECH BANKING ELECTRONIC COMMERCE PROFESSIONAL SERVICES SOFTWARE INTERNET
SOURCE: Rapyd
Copyright Business Wire 2023.
PUB: 08/01/2023 02:00 AM/DISC: 08/01/2023 01:58 AM
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