PayU — a global Fintech firm owned by Naspers, has expanded to Singapore. They achieved this move by acquiring a majority stake in Singapore-based Red Dot Payment.
The deal which went through at $65 million, came with the conditions that other major shareholders will exit and Red Dot Payment founder Randy Tan retain a stake. This expansion totals the amount of funds that PayU put into Fintech in the last three years to about $700 million.
The deal is in accordance to PayU’s aim to be the top payments solution provider in top markets globally and to also be the largest Fintech investors all over the world.
See also: CBN backs Bank’s Mobile Wallet Operation
According to a study by Google-Temasek, South East Asia ranks amongst the fastest growing digital markets across the world. The study stated that the market is expected to triple to $240 billion in 2025. The region houses about 350 million internet users within its six largest countries.
Laurent Le Moal, CEO of PayU said that this is their first step towards expansion in the South East Asia region. He said they will partner with founders who are driven by an entrepreneurial passion.
PayU aims to serve global merchants by integrating RDP into the PayU system, thereby expanding its service offerings.