PayU, Naspers’ payments firm, is expanding into Southeast Asia through the acquisition of a majority stake in Red Dot Payment (RDP), a Singapore-based online payment Fintech.
RDP currently serves more than 500 merchants in 22 countries. RDP supports global and local alternate payment methods such as Visa, Mastercard, UnionPay, WeChat Pay, Alipay, Paylah, Virtual Accounts, and more.
PayU’s mission is to become the leading payments provider in high-growth markets noting that Southeast Asia’s digital payments market is expected to top $240 billion by 2025.
RDP claims the title of Singapore’s largest home-grown payment Fintech. RDP currently has a presence across Southeast Asia, including offices in Indonesia and Thailand.
Laurent le Moal, CEO of PayU, said the 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 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,” le Moal stated.
Randy Tan, CEO and founder of Red Dot Payment, said they are proud of how far they have come.
“We are pleased that RDP will be part of the Naspers’ Fintech portfolio as we look forward to [a ] continued extension of our business and market position in Southeast Asia to be the fintech payment solutions champion in this region.”
Nasper’s total Fintech investments and M&A activity now stands at over $700 million. Naspers is a global consumer internet group and a larges technology investor. The group operates and partners a number of leading internet businesses across Central and Eastern Europe, Africa, the Americas and Asia in sectors including online classifieds, payments and Fintech, food delivery, travel, education, health, and social and internet platforms.