Rapyd, a payment platform that competes with Stripe and PayPal, announced that it has acquired the PayU Global Payment Organization (PayU GPO) from Dutch company Prosus for $610 million. The deal excludes PayU’s operations in India, Turkey and Southeast Asia. The announcement follows Rapyd’s recent statements that it is actively seeking opportunities to acquire leading payment companies.
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Rapyd and PayU
Rapyd has been on a mission to build bold, and our global expansion continues unabated with a year-over-year growth rate of nearly 100 percent in 2023. Synergies with PayU GPO include a richer technology stack, expanded geographic licensing and broader market reach for our combined commerce portfolios. PayU has revenues of 350 million dollars a year and we will double our company in terms of manpower. The company’s revenues will increase by 60 percent. We will generate about 500 million dollars in revenue this year.
Arik Shtilman, CEO and co-founder of Rapyd
The acquisition will enable Rapyd to expand its business to 100 countries through more than 1,200 payment methods and operating permits in 41 licensed or regulated countries. It is worth noting that the completion of the transaction is subject to obtaining regulatory approvals in various countries. Rapyd was founded in 2015 as CashDash by Shtilman, Arkady Karpman and Omer Priel. It is headquartered in Tel Aviv with offices in the US, Europe, Dubai, Hong Kong and Singapore. The company has developed an international payment platform for businesses and consumers, enabling wire transfers, transfers to digital wallets, cash payments and more. Rapyd operates the largest online payment network of its kind worldwide, supporting 65 different currencies in more than 170 countries.
PayU has successfully built and scaled its GPO business over several years. It is important to us that a company with a track record like Rapyd takes the business to the next level by expanding its GPO solutions to meet the evolving needs of the dynamic fintech landscape globally. We wish Rapyd every success as it continues to build its global payments platform.
Laurent le Moal, Chief Executive Officer of PayU