Payment Network Rapyd Acquires PayU for $610 Million

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

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.