Payments and FinTech business PayU has gotten the endorsement of Colombian regulatory authorities to buy electronic payments and deposits firm Ding from CredibanCo, a press release said.
PayU’s acquisition of Ding will add to its solutions portfolio to help Colombian customers, especially those who are unbanked. In Colombia, the financial system has seen changes as of late, with more new players and dynamic being introduced.
The release says this acquisition will boost “innovation and competition” in Colombia’s digital economy, making it so companies and individuals who’d been excluded will now be able to participate.
Francisco León, CEO of PayU Latin America comments: “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.”
Juan Camilo Vargas, Country Manager at PayU Colombia, added that PayU has done well in Colombia “not only because of its credibility, solidity, and experience, but also because it was born from a venture in the country.”
PYMNTS wrote about the acquisition earlier this year, writing that it would give PayU a presence in over 50 countries worldwide.
The acquisition was subject to approval at that time, and spokespeople said at the time that the deal would help support small businesses in Colombia.
León said the acquisition “is part of our growth plan, aiming to respond to the permanent challenges that a dynamic market with enormous possibilities demands from us.”
And Mario Shiliashki, global CEO of PayU’s payments division, said the deal showed how PayU planned to build “valuable internet businesses for merchants and consumers that provide useful products and services to millions of people in their daily lives.”