Naspers’s global fin-tech company, PayU, is in all plans to expand into Southeast Asia with the acquisition of Singapore-based Red Dot Payment as claimed by the company in a media statement on Friday. The deal is finalized at US$65 million and will see its founder along with chief executive officer Randy Tan retaining a stake in the company.
The move demonstrates PayU’s commitment to becoming the leading payments solution provider in high-growth markets and one of the largest fintech investors in the world - Laurent Le Moal, CEO, PayU
Founded in 2011 by a group of payment experts from various Fortune 500 industry companies, RDP has become the largest and most trusted fin-tech online payment Solution Company in Singapore, providing innovative, secure payment solutions customized for all Asian companies and everywhere. With a growing presence in Southeast Asia, including offices in Indonesia and Thailand, RDP has focused on booming verticals such as online retail, hospitality, charity, food delivery, and much more.
The region is home to 350 million Internet users in the six largest countries, exceeding that of the population of the US and “presenting an immense business potential for global merchants.”
The founder will continue to keep a stake in the company, and the other major shareholders will exit. RDP founder and CEO Randy Tan will continue to hold a minority stake in the company; most other shareholders will exit.