Over the past half a decade or so, Fintech has become one of the most exciting industries in the world, and billions of dollars have been invested globally in order to make it one of the pillars of the financial system. Experts believe that it is only a matter of time before Fintech can turn into one of the world’s top industries and to that end, many of the world’s best-known Fintech firms are making key acquisitions in order to further grow the industry. Naspers, the has made a name all over the world for operating payments and Fintech operations, and in a new development, its subsidiary PayU has acquired a majority stake in the Singapore based Fintech company Red Dot Payment.
Red Dot is among the older Fintech startups in Asia, having been founded around eight years ago by seasoned professionals from the finance industry and offers a range of services. Some of the key services include online invoicing, e-commerce, and payment gateway. The company has also managed to acquire its fair share of users, and now PayU wants to use Red Dot’s experience in the market in order to create a stronghold in the Asian Fintech space. Although PayU did not disclose the exact amount that is paid to pick up the majority stake, it did announce that following this transaction, Red Dot Payment is going to be valued at $65 million.