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Naspers' PayU to buy majority stake in Singapore-based Red Dot Payment
SINGAPORE — PayU, the payments and fintech business of South African internet company Naspers, will acquire a majority stake in Singapore-based Red Dot Payment for an undisclosed amount.
The deal values Red Dot at US$65 million, PayU said in a statement on Friday (5 July). Randy Tan, the founder of Red Dot, will retain a stake in the company, while the majority of other shareholders will exit.
Red Dot provides online payment solutions to clients across Asia. Formed in 2011, it has offices in Indonesia and Thailand and focuses on verticals such as online retail, hospitality, charity, and food delivery.
The deal will expand PayU’s reach into Southeast Asia and bring its total spending in fintech investments and mergers and acquisitions to more than US$700 million in the last three years.
Southeast Asia is one of the fastest growing digital payment markets in the world, with 350 million internet users across its six largest countries. The total payment volume in the region is expected to triple to US$240 billion by 2025, according to a Google-Temasek study.
"PayU sees a vast opportunity in this region to grow and innovate further,” said Laurent le Moal, PayU CEO. “We will continue to look for prospects to reinforce our footprints in this market”
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