Global Fintech player PayU expands its operations to Southeast Asia
PayU expands its operations to Southeast Asia. Source: unsplash.com
PayU, the payments and fintech business of Naspers, today announces the acquisition of a majority stake in Red Dot Payment, a Southeast Asia focused online payment solutions provider. With this transaction, PayU expands into the Southeast Asia region and brings the total amount deployed in fintech investments and M&A to north of $700 million over the last three years.
According to one Google-Temasek study, Southeast Asia is one of the fastest growing digital payments markets in the world, and is expected to triple in size to $240 billion in total payments volume by 2025. The region is already home to 350 million internet users across its six largest countries, exceeding that of the population of the United States, presenting an immense business potential for global merchants.
Under the terms of the agreement, PayU has acquired a majority stake in RDP in a transaction valuing the company at $65 million. The founder will continue to retain a stake in the company, while the majority of other shareholders will exit.
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