Prosus sells PayU to Israel’s Rapyd, but retains India, Turkey & SE Asia arms

Rapyd, Israel’s fintech-as-a-service startup, has acquired global investor and internet giant Prosus’ payment group PayU for $610 million. The Dutch-investment firm is selling its share in PayU’s Global Payment Organisation (GPO) arm, which includes nearly 30 countries, and will continue to hold on to operations in India, Turkey and Southeast Asia.

After letting go of its global arm, PayU will now focus on the “rapidly growing Indian payments and credit business,” Prosus said in a statement. It currently serves over 4,50,000 merchants and more than 2 million credit customers in the country under its subsidiary PayU India.