Payments and FinTech Activities PayU has obtained approval from Colombian regulators to buy electronic payments and deposits company Ding from CredibanCo, according to a press release.
PayU’s acquisition of Ding will enrich its portfolio of solutions to help Colombian customers, especially those who are unbanked. In Colombia, the financial system has undergone changes lately, with the introduction of new actors and dynamics.
The statement said the acquisition will spur “innovation and competition” in Colombia’s digital economy, enabling companies and individuals who had been excluded from it to participate.
Francisco León, CEO of PayU Latin America, comments: “PayU has accompanied the evolution of online payments in Colombia and the company is now looking to expand its range of services to stimulate financial inclusion for small and medium enterprises in the country. We are extremely excited about the acquisition of Ding as it will help our growth strategy to further respond to ongoing market challenges.
Juan Camilo Vargas, Country Manager at PayU Colombia, added that PayU has done well in Colombia “not only because of its credibility, solidity and experience, but also because it was born from a company in the country”.
PYMNTS wrote about the acquisition earlier this year, writing that it would give PayU a presence in more than 50 countries around the world.
Read more: PayU acquires Ding payment platform from CredibanCo
The acquisition was subject to approval at that time, and spokespersons said at the time that the deal would help support small businesses in Colombia.
León said the acquisition “is part of our growth plan, aimed at meeting the ongoing challenges that a dynamic market with enormous opportunities demands of us.”
And Mario Shiliashki, global CEO of PayU’s payments division, said the deal shows how PayU plans to build “value internet businesses for merchants and consumers that provide valuable products and services to millions of people.” in their daily lives”.
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