PayU, the Naspers owned fintech firm that specializes in emerging markets, is broadening its global reach into Southeast Asia after it announced a deal to buy a majority stake in Singapore-based Red Dot Payment.
Naspers is best known for its payments and fintech business in markets like India, Latin America, Africa and Eastern Europe, but now it will enter Southeast Asia, a market with over 600 million consumers and rapidly rising internet access.
PayU plans to tap that potential through Red Dot, an eight-year-old startup founded by finance veterans which offers services that include a payment gateway, e-commerce storefronts and online invoicing across Southeast Asia. PayU said it has acquired “a majority stake” in the business. It did not specify the exact size but it