PayU, the fintech company controlled by Prosus, announced a double deal with Colombian startups. The company has acquired the mobile payments firm Ding and led a $46M investment for the fintech Treinta. These deals are aimed to help Prosus enter Colombia’s fast-growing market. Also, they are meant to help PayU and Prosus diversify their investment base.
Ding is an app that provides businesses facilities to accept payments by QR codes, debit and credit cards, and more. The app also allows businesses to sell phone recharges, pins, digital content and others. The business of mobile phone credits usually goes hand-in-hand with other remittance operations. With this acquisition, PayU will be able to extend its remittance services to Ding’s customer base.
Treinta is a digital ledger app for microbusinesses in Latin America, where they can create a store and upload their inventory, receive orders, access business metrics and more. PayU led its $46M Series A round, and will leverage the startup as a means to get its customer-facing tech into the Colombian market and into the rest of Latin America. Treinta will also become one of PayU’s retail channels.
With these deals, Prosus is looking forward to tap into Colombia, a country that has the fifth largest e-commerce market in Latin America. Mario Shiliashki, Global CEO of PayU‘s payments division, stated the following:
“PayU has helped to facilitate the evolution of online payments in Colombia since 2011 and we are proud to be extending our services to promote financial inclusion for SMEs in both Colombia and globally.”