Rapyd, a leading global Fintech-as-a-Service provider, announced today the acquisition of PayU Global Payment Organisation, 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.
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.
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.
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