Rapyd Expands By Buying PayU’s Payment Unit
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Rapyd, a platform that helps businesses send and receive money, has bought PayU Global Payment Organization (GPO). The company said this deal is an important step in its plan to grow in many parts of the world. With this, Rapyd can now offer better payment services across several regions.
The firm said this expansion enables it to handle card payments in six Latin American countries. These countries are Mexico, Brazil, Argentina, Chile, Colombia, and Peru. Businesses there will now have more options to accept payments, and customers will have more ways to pay for what they buy.
Papyd Sets To Enter New Markets
Rapyd said this deal is necessary to enable it to expand its operations to other new markets. By doing this, the company can help businesses in those places connect better with customers. According to the firm, reaching more markets means more businesses can use its services.
Papyd also plans to hire more workers to help in these regions. Rapyd and PayU are now working together to combine their teams. The firm said this will help businesses get better service and support.
To help pay for the deal, Rapyd received money from investors. According to the company, General Catalyst, Vista Credit Partners, and TAL Ventures provided funding. Some investors who had already supported Rapyd also added more money.
Rapyd’s system helps businesses handle payments in different ways. The firm said its network lets companies pay suppliers and get paid by customers, no matter where they are. This service is helpful for both small businesses and large companies working with partners in different countries.
Papyd Aims To Simplify International Payments
Rapyd has offices in many cities around the world, including Tel Aviv, Dubai, London, and Miami. According to the company, being in so many places helps it understand the challenges of sending money across borders. Rapyd wants to make international payments feel as simple as local payments.
The company recently raised $300 million, but its total value is now lower than before. In 2021, the company was worth $9 billion, but today it is valued at $3.5 billion. According to the company, many fintech firms are seeing lower values as investors become more careful with their money.
For some years, Rapyd has been buying other businesses to grow. The firm said it has already bought four companies, including Valitor in Iceland and parts of PayU. According to the company, it plans to use some of its new funding to buy another payment business soon.
Investors like Coatue, Oak HC/FT, and Tiger Global continue to support Rapyd. The company said it is focused on steady growth instead of rapid expansion. According to the firm, the goal is to provide better financial tools while reaching more markets around the world.
