The Indian Wire » Startups » PayU acqui-hires Singapore-based Red Dot Payment, aims to foray into Southeast Asia

PayU acqui-hires Singapore-based Red Dot Payment, aims to foray into Southeast Asia

PayU, a Netherland-based fintech startup, has acquired a majority stake in Singapore-based Red Dot Payment (RDP) company, in a transaction valuing the latter at $65 million.

As part of the deal, RDP’s founder will continue to retain a stake in the company, while the majority of other shareholders will exit.

After the acquisition, PayU will stretch its reach into the Southeast Asia region and bring the total amount deployed in fintech investments and M&A in the north of $700 million over the last three years.

“We will now provide our existing global merchants access to Southeast Asia with a single API integration, thus strengthening our global PayU Hub platform,” Laurent le Moal ,CEO of PayU said.

PayU is a fintech-based digital payments startup, emerging from Netherlands, founded in 2002 by group of people. It provides payment technology to online merchants. Also, it allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications.

Whereas, Red Dot Payment was founded by Randy Tan in 2011. It is a payment solutions provider in Asia Pacific for verticals such as online retail, hospitality, charity, food delivery and more.

The Singapore-based company has a presence across Southeast Asia, including offices in Indonesia, Thailand and Australia.

“We are pleased that RDP will be part of the Naspers’ fintech portfolio as we look forward to continued extension of our business and market position in Southeast Asia to be the fintech payment solutions champion in this region,” Randy Tan, CEO and founder of Red Dot Payment, said.

PayU supports over 300,000+ merchants and millions of consumers making payments online with over 250 payment methods and 1,800+ payment specialists.

With operations in Asia, Central and Eastern Europe, Latin America, the Middle East ,and Africa, PayU has a potential consumer base of nearly 2.3 billion people.

Besides, other major players in the digital lending space includes Lendingkart, MoneyTap, LenDenClub, Faircent, and many more.

Also read: Jitendra Gupta leaves PayU India as managing director

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