With this acquisition, PayU solidifies its leadership in the country and will be participating directly in the financial services ecosystem, betting on the development of the electronic payment market and financial inclusion in Colombia and Latin America.
The agreement between PayU and Credibanco for the acquisition of Ding was announced a couple of months ago. Since then, it has been waiting on the approval of the regulatory authorities, namely The Superintendency of Industry and Commerce (SIC) and the Financial Superintendence of Colombia (SFC), who have recently deliberated in favor of the transaction.
Bogota, August 2022 – PayU, the payments and fintech business of Prosus, received the endorsement of Colombian regulatory authorities to acquire Tecnipagos S.A., operating as Ding, which is a company specializing in electronic payments and deposits.
In recent years, Colombia has stood out for the transformation of its financial system, allowing the entry of new players and making the market more dynamic. PayU, is present in more than 50 markets around the world, and has extensive experience in the Colombian online payment ecosystem. With this acquisition, it strengthens its solutions portfolio to meet the changing financial and payment service needs of digital consumers, merchants, and entrepreneurs, offering state-of-the-art technology even for the unbanked sectors of society.
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.”
According to Mario Shiliashki, Chief Executive Officer of the PayU Global Payments Division: “This is undoubtedly one of the most relevant moves in the Colombian financial market, reflecting PayU’s desire to build substantial online businesses for merchants and consumers who offer useful products and services to millions of people in their everyday life. Payments and financial technology are one of PayU’s segments, and Colombia is our most important Hub in Latin America.”
Juan Camilo Vargas, Country Manager at PayU Colombia adds: “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. Our strategic vision focuses especially on leveraging SMBs in the country and this acquisition will be a cornerstone in this important purpose.”
Finally, this acquisition will boost innovation and competition in the digital payments industry in Colombia, not only strengthening the country’s digital economy, but also providing financial services to the companies and individuals who may have been historically excluded. This operation is fully aligned with the general vision of the Fintech ecosystem in Colombia, and it is a key objective for PayU in all communities that it partakes in.