PayU, the payments and fintech business of Naspers, has acquired a majority stake in Red Dot Payment, a Southeast Asia-focused online payment solutions provider. This transaction helped PayU to expand into the Southeast Asia region.
With this move, PayU moves forward with an aim to become the leading payments solution provider in high-growth markets and one of the largest fintech investors in the world.
Laurent le Moal, CEO of PayU, said, "This investment is PayU's first step towards expansion in the SEA region. We will now provide our existing global merchants access to Southeast Asia with single API integration, thus strengthening our global PayU Hub platform. 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."
"As part of our business strategy, PayU will collaborate with the promising founders who are driven by an entrepreneurial passion. We're excited to welcome Randy and the team to PayU as we continue to pursue our vision of creating a world without financial borders," he further added.
Randy Tan, CEO and Founder, Red Dot Payment, stated, "We are proud of how far we have come and that PayU, a leading global fintech operator and investor, recognises the strength, depth, and breadth of the company that we have built with unwavering dedication over the past eight years. We are pleased that RDP will be part of the Naspers' fintech portfolio as we look forward to the continued extension of our business and market position in Southeast Asia to be the fintech payment solutions champion in this region."
