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Rapyd Acquires PayU to Accelerate Expansion Plans

The $610 million acquisition deal enables Rapyd to continue its global expansion across emerging markets in Central and Eastern Europe and Latin America

Rapyd Acquires PayU to Accelerate Expansion Plans

Fintech-as-a-Service provider Rapyd acquires a large part of PayU Global Payment Organisation on its expansion path, ultimately leading towards IPO.

The acquisition deal concerns a large part of the PayU Global Payment Organisation (‘GPO’) of the Netherlands-based Prosus consumer internet group. The deal does not include PayU’s India, Turkey and Southeast Asia operations. Nevertheless, the $610 million acquisition gives Rapyd access to payment solutions for both enterprise and SMB segments in many emerging markets. Thus, PayU GPO operates in over 30 countries worldwide.

The combined capabilities give Rapyd:

  • 100+ transacting countries;
  • broader market reach;
  • over 250,000 merchant clients globally;
  • expansion of the Rapyd Global Payments Network to over 1,200 payment methods supported by 18 settlement hubs;
  • richer technology stack;
  • 41 countries where it can provide licensed or regulated services;
  • numerous Tier 1 enterprise clients including Adidas, Google, Ikea, Meta, Netflix, Rappi and Uber;
  • a wide network 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.

Rapyd is one of the top fintech startups in the UK. Its Fintech-as-a-Service platform makes it simple to integrate local payment and fintech capabilities into any application. Therefore, it is used by a large number of clients including global e-commerce companies, gig-economy players, banks, and B2B businesses.

The move is the next step in Rapyd’s global expansion, which continues with a nearly 100% year-over-year growth rate in 2023.

The company has ambitious goals to become “one of the largest integrated global fintechs in the world,” with the vision of a “single, integrated Fintech-as-a-Service platform.”

The completion of the acquisition deal is now subject to regulatory approvals in various countries.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.