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PayU, a provider of payment services for online merchants based in the Netherlands, has received regulatory approval in Colombia to complete the acquisition of electronic deposit and payments platform Ding.
The Industry and Commerce Commission (SIC) and the Colombian Financial Supervisory Authority (SFC) have deliberated in favor of the deal, according to a PayU statement.
The approval comes months after PayU signed a deal to acquire Ding’s owner, the Colombian company Credibanco.
Last year, PayU acquired Wimbo, a payment technology company that specializes in processing online payments, for $70 million.
Francisco Len, CEO of PayU Latin America, said Ding’s new acquisition will help the company further meet the persistent challenges posed by the market.
With PayU evolving online payments in Colombia, the company is now looking to expand its range of services to promote financial inclusion for SMEs in the country, Len said.
Also, Mario Shiliashki, CEO of PayU Global Payments Division, said Colombia is the most important hub in Latin America for fintech companies.
This is arguably one of the most important movements in the Colombian financial market. It reflects PayU’s desire to build a business,” Shiliashki explained.
Also, Juan Vargas, country manager of PayU in Colombia, explained that PayU’s strategic vision is to tap into the country’s SMEs.
As such, the acquisition “will lay the groundwork for this important purpose,” added Vargas.
PayU is a brand in the hearts of Colombians, not only because of its reliability, robustness and experience, but also because it was born from domestic ventures, added the country manager.
According to PayU, Colombia has seen unique changes in its financial system over the past few years.
This change has made the country’s market more dynamic, especially with the injection of new players into the industry.
PayU believes its acquisition will boost innovation and competition in Colombia’s digital payments industry, while promoting inclusivity.
“This operation [acquisition] It is fully in line with the general vision of the Colombian fintech ecosystem and is PayU’s primary goal in all the communities it participates in,” the company explained.
PayU, a provider of payment services for online merchants based in the Netherlands, has received regulatory approval in Colombia to complete the acquisition of electronic deposit and payments platform Ding.
The Industry and Commerce Commission (SIC) and the Colombian Financial Supervisory Authority (SFC) have deliberated in favor of the deal, according to a PayU statement.
The approval comes months after PayU signed a deal to acquire Ding’s owner, the Colombian company Credibanco.
Last year, PayU acquired Wimbo, a payment technology company that specializes in processing online payments, for $70 million.
Francisco Len, CEO of PayU Latin America, said Ding’s new acquisition will help the company further meet the persistent challenges posed by the market.
With PayU evolving online payments in Colombia, the company is now looking to expand its range of services to promote financial inclusion for SMEs in the country, Len said.
Also, Mario Shiliashki, CEO of PayU Global Payments Division, said Colombia is the most important hub in Latin America for fintech companies.
This is undoubtedly one of the most relevant movements in the Colombian financial market. It reflects PayU’s desire to build an online business,” Shiliashki explained.
Also, Juan Vargas, country manager of PayU in Colombia, explained that PayU’s strategic vision is to tap into the country’s SMEs.
As such, the acquisition “will lay the groundwork for this important purpose,” added Vargas.
PayU is a brand in the hearts of Colombians, not only because of its reliability, robustness and experience, but also because it was born from domestic ventures, added the country manager.
According to PayU, Colombia has seen unique changes in its financial system over the past few years.
This change has made the country’s market more dynamic, especially with the injection of new players into the industry.
PayU believes its acquisition will foster innovation and competition in Colombia’s digital payments industry, while promoting inclusivity.
“This operation [acquisition] It is fully in line with the general vision of the Colombian fintech ecosystem and is PayU’s primary goal in all the communities it participates in,” the company explained.
