PayU, a Netherlands-based payment serviceprovider for online merchants, has received the approval of regulatoryauthorities in Colombia to complete its acquisition of Ding, an electronicdeposit and payment platform.
The Superintendency of Industry andCommerce (SIC) and the Financial Superintendence of Colombia (SFC) deliberatedin favour of the transaction, PayU said in a statement.
The approval comes months after PayUentered into an acquisition agreement with Credibanco, a Colombian company and the owner ofDing.
Last year, PayU bought Wimbo, a payment technology firm that specializes in processing online payments, for $70 million.
Francisco León, the CEO of PayU LatinAmerica, noted that the new acquisition of Ding will help the company to respond to the permanent challenges arising from the market.
“PayU has accompanied the evolution ofonline payments in Colombia and the company now seeks to expand its scope ofservices to boost the financial inclusion of small and medium-sized companiesin the country,” León said.
Also speaking, Mario Shiliashki, the CEOof the PayU Global Payments Division, noted that Colombia is the company’s mostimportant hub in Latin America.
“This is undoubtedly one of the mostrelevant moves in the Colombian financial market, reflecting PayU’s desire tobuild substantial online businesses for merchants and consumers who offeruseful products and services to millions of people in their everyday life,”Shiliashki explained.
Also contributing, Juan Vargas, theCountry Manager of PayU in Colombia, explained that PayU’s strategic vision is toleverage small and medium-sized businesses in the country.
The acquisition, therefore, “will be acornerstone in this important purpose,” Vargas said.
“PayU is a brand that is present in thehearts of Colombians, not only because of its credibility, solidity and experience,but also because it was born from a venture in the country,” the CountryManager added.
Online Payment in Colombia
According to PayU, Colombia, over the past few years, has seen a unique transformation of its financial systems.
This transformation has made the country’smarket more dynamic, especially with the injection of new players into the industry.
PayU believes that its acquisition willboost innovation and competition in Colombia’s digital payments industry whilealso driving inclusion.
“This operation [acquisition] is fully aligned with thegeneral vision of the fintech ecosystem in Colombia, and it is a key objectivefor PayU in all communities that it partakes in,” the company explained.
PayU, a Netherlands-based payment serviceprovider for online merchants, has received the approval of regulatoryauthorities in Colombia to complete its acquisition of Ding, an electronicdeposit and payment platform.
The Superintendency of Industry andCommerce (SIC) and the Financial Superintendence of Colombia (SFC) deliberatedin favour of the transaction, PayU said in a statement.
The approval comes months after PayUentered into an acquisition agreement with Credibanco, a Colombian company and the owner ofDing.
Last year, PayU bought Wimbo, a payment technology firm that specializes in processing online payments, for $70 million.
Francisco León, the CEO of PayU LatinAmerica, noted that the new acquisition of Ding will help the company to respond to the permanent challenges arising from the market.
“PayU has accompanied the evolution ofonline payments in Colombia and the company now seeks to expand its scope ofservices to boost the financial inclusion of small and medium-sized companiesin the country,” León said.
Also speaking, Mario Shiliashki, the CEOof the PayU Global Payments Division, noted that Colombia is the company’s mostimportant hub in Latin America.
“This is undoubtedly one of the mostrelevant moves in the Colombian financial market, reflecting PayU’s desire tobuild substantial online businesses for merchants and consumers who offeruseful products and services to millions of people in their everyday life,”Shiliashki explained.
Also contributing, Juan Vargas, theCountry Manager of PayU in Colombia, explained that PayU’s strategic vision is toleverage small and medium-sized businesses in the country.
The acquisition, therefore, “will be acornerstone in this important purpose,” Vargas said.
“PayU is a brand that is present in thehearts of Colombians, not only because of its credibility, solidity and experience,but also because it was born from a venture in the country,” the CountryManager added.
Online Payment in Colombia
According to PayU, Colombia, over the past few years, has seen a unique transformation of its financial systems.
This transformation has made the country’smarket more dynamic, especially with the injection of new players into the industry.
PayU believes that its acquisition willboost innovation and competition in Colombia’s digital payments industry whilealso driving inclusion.
“This operation [acquisition] is fully aligned with thegeneral vision of the fintech ecosystem in Colombia, and it is a key objectivefor PayU in all communities that it partakes in,” the company explained.
