Rapyd, a payments platform that competes with Stripe and PayPal, announced today that it had acquired PayU Global Payment Organisation (PayU GPO) from Netherlands company Prosus, for $610 million. The deal excludes PayU’s India, Turkey and Southeast Asia operations.
The announcement comes after recent declarations by Rapyd that it was actively seeking opportunities of acquiring leading payments companies. This acquisition will enable Rapyd to expand its activity to 100 countries, via more than 1,200 payment methods and permits to operate in 41 countries that are licensed or regulated.
Rapyd CEO and co-founder Arik Shtilman said, "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," and added, "The synergies with PayU GPO include a richer technology stack, expanded geographic licensing, and broader market reach for our combined merchant portfolios."
Completion of the transaction is subject to receipt of regulatory approvals in various countries.
Rapyd was founded in 2015 as CashDash by Shtilman, Arkady Karpman, and Omer Priel. It is based in Tel Aviv, with offices in the US, Europe, Dubai, Hong Kong, and Singapore.
Published by Globes, Israel business news - en.globes.co.il - on August 1, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
Published by Globes, Israel business news - en.globes.co.il - on August 1, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.