PayU receives regulatory support to acquire Colombian Fintech Ding
PayU, a Netherlands-based payment service provider for online merchants, has received approval from regulatory authorities in Colombia to complete the acquisition of Ding, an electronic deposit and payment platform.
The Superintendency of Industry and Commerce (SIC) and the Financial Superintendency of Colombia (SFC) considered in favor of the transaction, PayU said in a statement.
The approval comes months after PayU entered into an acquisition agreement with Credibanco, a Colombian company and owner of Ding.
Last year, PayU acquired Wimbo, a payment technology firm specializing in processing online payments, for $70 million
Francisco León, CEO of PayU Latin America, noted that the new acquisition of Ding will help the company to further respond to the permanent challenges arising from the market.
“PayU has followed the evolution of online payments in Colombia, and the company is now seeking to expand the scope of services to increase the financial inclusion of small and medium-sized enterprises in the country,” said León.
Mario Shiliashki, CEO of PayU Global Payments Division, also noted that Colombia is the fintech company’s main hub in Latin America.
“This is undoubtedly one of the most relevant moves in the Colombian financial market, and reflects PayU’s desire to build significant online businesses for merchants and consumers that offer useful products and services to millions of people on a daily basis,” explained Shiliashki.
Juan Vargas, Country Manager for PayU in Colombia, also explained that PayU’s strategic vision is to exploit small and medium-sized enterprises in the country.
The acquisition will therefore “be a cornerstone of this important purpose,” Vargas continued.
“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,” the Country Manager added.
Online payment in Colombia
According to PayU, in recent years Colombia has seen a unique transformation of its financial systems.
This transformation has made the country’s market more dynamic, especially with the injection of new players in the industry.
PayU believes that the acquisition will increase innovation and competition in Colombia’s digital payment industry, while promoting inclusion.
“This operation [acquisition] is fully aligned with the overall vision of the fintech ecosystem in Colombia and is a key goal for PayU in all communities it participates in,” the company explained.
PayU, a Netherlands-based payment service provider for online merchants, has received approval from regulatory authorities in Colombia to complete the acquisition of Ding, an electronic deposit and payment platform.
The Superintendency of Industry and Commerce (SIC) and the Financial Superintendency of Colombia (SFC) considered in favor of the transaction, PayU said in a statement.
The approval comes months after PayU entered into an acquisition agreement with Credibanco, a Colombian company and owner of Ding.
Last year, PayU acquired Wimbo, a payment technology firm specializing in processing online payments, for $70 million
Francisco León, CEO of PayU Latin America, noted that the new acquisition of Ding will help the company to further respond to the permanent challenges arising from the market.
“PayU has followed the evolution of online payments in Colombia, and the company is now seeking to expand the scope of services to increase the financial inclusion of small and medium-sized enterprises in the country,” said León.
Mario Shiliashki, CEO of PayU Global Payments Division, also noted that Colombia is the fintech company’s main hub in Latin America.
“This is undoubtedly one of the most relevant moves in the Colombian financial market, and reflects PayU’s desire to build significant online businesses for merchants and consumers that offer useful products and services to millions of people on a daily basis,” explained Shiliashki.
Juan Vargas, Country Manager for PayU in Colombia, also explained that PayU’s strategic vision is to exploit small and medium-sized enterprises in the country.
The acquisition will therefore “be a cornerstone of this important purpose,” Vargas added.
“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,” the Country Manager added.
Online payment in Colombia
According to PayU, in recent years Colombia has seen a unique transformation of its financial systems.
This transformation has made the country’s market more dynamic, especially with the injection of new players in the industry.
PayU believes that the acquisition will increase innovation and competition in Colombia’s digital payment industry, while promoting inclusion.
“This operation [acquisition] is fully aligned with the overall vision of the fintech ecosystem in Colombia and is a key goal for PayU in all communities it participates in,” the company explained.
