Online payments solutions provider PayU has agreed to acquire Tecnipagos S.A., which operates as electronic deposits and payments platform Ding, from CredibanCo, expanding PayU’s reach across Colombia and giving it a presence in more than 50 countries around the world.
PayU’s acquisition is subject to the approval of “relevant Colombian financial supervision,” among other customary conditions, according to a Wednesday (April 6) joint press release. Spokespeople from both companies say the deal is part of a commitment to support MSMEs and SMEs across Colombia.
“PayU is a company that has accompanied the evolution of online payments in Colombia and now seeks to extend its service offering to increase the financial inclusion of small and medium-sized businesses in the country,” said Francisco León, PayU’s CEO for Latin America, in the company press release.
“This acquisition is part of our growth plan, aiming to respond to the permanent challenges that a dynamic market with enormous possibilities demands from us,” he said.
The deal “reflects PayU’s desire to build valuable internet businesses for merchants and consumers that provide useful products and services to millions of people in their daily lives,” said Mario Shiliashki, global CEO of PayU’s payments division, in the joint press release. “Payments and financial technology is a core segment for PayU, and Colombia is our most important hub in Latin America.”
Related: FinTech PayU Rolls out Credit Payments in Romania
In February, PayU debuted two credit solutions for Romanian shoppers, with Bucharest-based online retailer eMAG the first partner to offer its customers the opportunity to either postpone a payment or to pay in four installments for all categories of products through PayU’s buy now, pay later (BNPL) offering, either on its own site or for products sold on the eMAG Marketplace.
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