Israeli Firm Buys Foreign Payment Provider For Emerging Markets

Israeli fintech company Rapyd has announced its $610 million purchase of PayU’s Global Payment Organisation (GPO), a leading provider of payment solutions in emerging markets that operates in more than 30 countries. 

The startup makes global commerce more accessible by helping businesses, suppliers and customers make payments both locally or internationally. It bought PayU’s GPO from Prosus, one of the largest technology investors in the world. 

Rapyd says it allows businesses to access the world’s largest local payment network, with over 900 local payment methods, including bank transfers, eWallets, and cash in more than 100 countries.  

According to the Tel Aviv-headquartered company, the purchase will help its planned international expansion into e-commerce by supporting cross-border payments and commerce technology in Central and Eastern Europe and Latin America.

“Rapyd’s been on a mission to build bold, and our global expansion continues unabated with a nearly 100% year-over-year growth rate in 2023,” said Rapyd CEO and co-founder Arik Shtilman. 

“Our strategy focusing on both organic growth and acquisitions uniquely positions Rapyd to be one of the largest integrated global fintechs in the world, clearly delivering on our vision of a single, integrated Fintech-as-a-Service platform.”

Founded in 2015, Rapyd has offices around the world, including in locations in Dubai, London, Iceland, San Francisco, Miami, Hong Kong, and Singapore.  

“The synergies with PayU’s GPO include a richer technology stack,

expanded geographic licensing, and broader market reach for our combined merchant portfolios,” said Shtilman. 

“We’re helping businesses around the world liberate global commerce, and we’re very excited to have PayU’s GPO team join us on this journey.”