Israeli fintech company Rapyd has completed the acquisition of European fintech PayU from Dutch investment firm Prosus for approximately US$610 million. Following the acquisition, Rapyd will operate in over 100 countries, offer more than 1,200 payment methods, and hold financial permits in 41 nations.
Rapyd, a leading global Fintech-as-a-Service provider, has completed the acquisition of PayU Global Payment Organisation (GPO) in Latin America and Africa. „This expansion increases Rapyd’s ability to offer card acquiring across six countries in Latin America including Mexico, Brazil, Argentina, Chile, Colombia and Peru. It also expands Rapyd’s market access into Africa in key countries such as Nigeria and South Africa. Rapyd will be able to expand its capabilities and personnel in these regions, as the two companies begin the process of combining their operations.” -according to the press release.
The acquisition financing was led by General Catalyst, Vista Credit Partners, and TAL Ventures with several new and previous Rapyd investors also participating.
The deal, initially signed in August 2023, concluded after receiving approval from seven regulatory authorities worldwide.
„To finance the acquisition, Rapyd raised US$500 million, primarily through equity, with a minor portion sourced from debt. The company’s valuation during this funding round was around US$4.5 billion, a significant decrease from its US$10 billion valuation in 2021.” – acording to techinasia.com
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
