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Rapyd acquires PayU for $610M to scale its fintech-as-a-service platform

Rapyd, the fintech-as-a-service startup, provides APIs to enable payments, card issuing, digital wallets, and other financial services for companies like Uber and Ikea. It is taking a significant step forward in its growth with a big acquisition: It is paying $610 million to acquire a major piece of PayU — the payments group of internet giant Prosus that focuses on emerging markets.

While full financial terms of the deal are not being disclosed, Arik Shtilman, Rapyd’s CEO and co-founder, told TechCrunch that his company is “in the final stages of closing a new financing round of $700 million,” which points to how the deal will be financed. He also confirmed that Prosus does not become a shareholder with this acquisition.

Rapyd is currently valued at $8.75 billion and has raised more than $806 million, with its current investors including the likes of Fidelity, Dragoneer, General Catalyst, and Target Global, as well as fintech giant Stripe.

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