PayU has received regulatory approval to acquire Tecnipagos S.A., doing business as Ding, a company providing electronic payments and deposits in Colombia. PayU is the payments operation of Prosus.
In a corporate statement, PayU noted that it is present in more than 50 markets around the world, and has extensive experience in the Colombian online payment ecosystem. The acquisition aims to strengthen its solutions portfolio, offering digital services including for the underbanked segment of the country.
Ding specializes in Electronic Payments and Deposits (SEDPE) that seek to promote financial inclusion and reduce the use of cash, by accepting payment methods other than cash.
Francisco León, CEO of PayU Latin America, stated:
“PayU has accompanied the evolution of online payments in Colombia and the company now seeks to expand its scope of services to boost the financial inclusion of small and medium-sized companies in the country. We are extremely excited about the acquisition of Ding, as it will help our growth strategy further respond to the permanent challenges arising from the market.”
Mario Shiliashki, CEO of the PayU Global Payments Division, described the acquisition as one of the most relevant moves in the Colombian financial market:
“Payments and financial technology are one of PayU’s segments, and Colombia is our most important Hub in Latin America.”
“PayU is a brand that is present in the hearts of Colombians, not only because of its credibility, solidity, and experience, but also because it was born from a venture in the country,” added Juan Camilo Vargas, Country Manager at PayU Colombia.