Naspers-owned Dutch payments firm PayU has expanded into the Southeast Asia market by taking a majority stake in online payments firm Red Dot Payment (RDP).
Established in 2011, RDP has presence in Singapore that serves as its base along with offices in Indonesia, Thailand and Australia.
Furthermore, the deal values RDP at $65m.
RDP founder and CEO Randy Tan will retain a stake in the business.
Tan noted: “It has never been easy for global merchants to enter Southeast Asia as they benefit from RDP’s strong local connectivity combined with PayU’s global footprints and experience.
“We are pleased that RDP will be part of the Naspers’ fintech portfolio as we look forward to continued extension of our business and market position in Southeast Asia to be the fintech payment solutions champion in this region.”
Most of other RDP shareholders will depart as part of the deal.
PayU CEO Laurent le Moal said: “We will now provide our existing global merchants access to Southeast Asia with a 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.”
The latest deal comes shortly after PayU’s acquisition of Turkish digital payments firm iyzico.
Earlier in 2019, PayU purchased US-based digital payments technology provider Wibmo.