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PayU buys Singapore e-payments startup, enters Southeast Asia

PayU buys Singapore e-payments startup, enters Southeast Asia

The Singapore-based Naspers’ global payments and fintech firm, PayU announced the acquisition of a majority stake in Red Dot Payment (RDP), a Southeast Asia-focused online payment solutions provider, in a transaction valuing the latter at $65 million.

With this acquisition, PayU expands into the Southeast Asia region and brings the total amount deployed in fintech investments and M&A in the north of $700 million over the last three years. PayU has a presence across Southeast Asia, including offices in Indonesia, Thailand and Australia.

Founded in 2011, RDP is payment solutions provider in Asia Pacific for verticals such as online retail, hospitality, charity, food delivery and more.

PayU supports over 300,000+ merchants and millions of consumers making payments online with over 250 payment methods and 1,800+ payment specialists. It is serving more than 500 merchants across 22 countries. 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.

According to one Google-Temasek study, Southeast Asia is one of the fastest growing digital payments markets in the world, and is expected to triple in size to $240 billion in total payments volume by 2025.

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