Following the announcement, Rapyd is set to improve its services and accelerate its expansion in multiple areas globally. The acquisition was set for the sum of USD 610 million, and its completion is currently subject to receipt of the needed regulatory approvals in multiple countries.
The aim of the company is set on the expansion of its global reach, as well as strengthen its position in key vertical markets, such as logistics, ecommerce, and transport. The deal will also enable Rapyd to further accelerate its plans toward an IPO.
Included in the new benefits that come with the integration of PayU Global Payment Organisation are: access to the 41 countries that are licensed and regulated, a portfolio of enterprise clients such as Netflix, Google, Adidas, and more, approximately 100 transacting countries globally, as well as over 250,000 merchant and trader clients around the world. Moreover, the company will be given access to a wide range of partner channels that acquire SMB traders, such as integrated software vendors (ISVs), payment facilitators (PayFacs), and independent sales organisations (ISOs).
In addition, PayU GPO’s integration offers Rapyd the possibility to access an improved technology stack, broader market reach for the combined merchant portfolios, as well as expanded geographic licensing.
Fintech-as-a-Service provider Rapyd had several partnerships and launches in the last couple of months, covering different geographic areas around the world.
In May 2023, Rapyd announced its partnership with Latin-American Open Finance data and payments platform Belvo. The collaboration aimed to enable businesses and companies across Latin America to provide Open Finance experiences to their suite of customers. By combining Rapyd’s global payments network with the expertise in Open Banking that Rapyd had gathered, businesses, firms, and developers were given the needed access to data, payment networks, and technologies to streamline the way they interpret data, as well as the manner in which they send, receive, and manage funds in the LATAM market.
Earlier in November 2022, Rapyd launched a multi-currency Treasury Solution that was designed for international payments operations’ optimisation in the APAC region. The service aimed to improve the development of financial relationships of firms that are engaged with cross-border trade. Following the launch, CFOs, controllers, and treasurers were enabled to customise the way they managed liquidity, mitigate currency risks, and balance currencies, while simultaneously working on the optimisation of their Singapore-based treasury hub. For more information about Rapyd, please check out their detailed profile in our dedicated, industry-specific Company Database.
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