PayU gets majority stake in Red Dot Payment
Monday, 08 July 2019 17:47
PayU, the financial technology arm of South Africa’s Naspers, acquired a majority stake in Singapore-headquartered online payment solution provider Red Dot Payment (RDP).
With this investment, PayU intends to expand online payment services in the fast-growing market in Southeast Asia. “This investment is PayU’s first step towards expansion in the SEA region. Owing to the immense potential that the SEA market presents, PayU sees a vast opportunity in this region to grow and innovate further. We will continue to look for prospects to reinforce our footprints in this market,” says MD Laurent le Moal.
In a recent study, Singaporean investment firm Temasek observed that Southeast Asia is one of the fastest-growing online payment markets in the world. Such operations in the region could total $240 billion by 2025.
Over the past three years, PayU invested about $700 million in fintech firms M&A operations.
Chamberline MOKO
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