Rapyd acquires a piece of PayU from Prosus for $610m to scale its fintech-as-a-service platform
In brief:
-Full financial terms of the deal are not being disclosed
-Rapyd is currently valued at $8.75b and has raised more than $806m, with its current investors including the likes of Fidelity, Dragoneer, General Catalyst and Target Global, as well as fintech giant Stripe.
-The deal underscores both ambitions for Rapyd — with roots in Israel but now headquartered in London — to build out more scale and reach globally for its wider payments operations en route to an IPO
What does this mean?
“With the acquisition PayU GPO, Rapyd will now have 41 licensed or regulated countries we are operating from,” Shtilman said, adding that one important element of the deal is that it enhances Rapyd’s ability to offer a broader range of card-acquiring capabilities across Latin America and parts of Europe, which complements the over 1,200 local payment methods the company can offer its customers globally.
