PayU, which is a Netherland based financial technology startup, has now acquired a majority stake in the Red Dot Payment company, which is a Singapore based firm in a transaction valuing at around $65 million.
As a part of a deal, the RDP founder will as of now continue to retain a stake in the company, while the majority of the stakeholders will exit.
After the acquisition, PayU will stretch its reach into the South Eastern part and brings the total amount deployed in the financial technology investment and M&A in the north of around $700 Million over the coming three years.
“We will now provide our existing global merchants access to Southeast Asia with single API integration, thus strengthening our global PayU Hub platform,” Laurent le Moal ,CEO of PayU said.
PayU is a financial technology based digital payment startup, emerging from the Netherlands founded in the year 2002 by a group of people. It provides payment technology to online merchants. Also, it allows online businesses to accept and process payments with the payment methods that can be integrated with mobile and web applications.
“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.