Prosus to sell part of PayU to Rapyd for $610 mn, retain India business

Prosus-backed PayU said on Tuesday it is selling part of its financial technology business to Israel’s Rapyd for $610 million. The deal will allow Rapyd, a fintech-as-a-service provider, to acquire PayU’s Global Payments Organisation (GPO).

The deal will exclude PayU’s biggest payments market in India, as well as its units in Turkey and Indonesia. The transaction is subject to regulatory approvals and closing conditions, Prosus said.

PayU’s GPO business contributes around 30 per cent of its overall revenues. In FY23, total payment volumes for GPO tripled in 5 years. It grew 12 per cent year-on year to $34 billion.