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.


Related Content

Tree Planting Results with My Forest Armenia: The Power of One Dram

During March and April 2022, the whole amount gathered...

Rocket Line – now for 60 months: Idram and IDBank

What if we tell you that Rocket Line is...

Idram Junior and Koreez signed a memorandum of cooperation

Idram Junior and Koreez educational program signed a memorandum...

Byblos Bank Armenia celebrates Students’ Day with scholarship recipients

Ahead of the Students and Youth Day in Armenia,...