Payu Doubles Down On Latam Fintech, Acquires Ding And Leads $46M Investment In ‘Superapp’ Treinta In Colombia
Payu Doubles Down On Latam Fintech, Acquires Ding And Leads $46M Investment In ‘Superapp’ Treinta In Colombia
04/20/22, 12:21 PM
Money raised
$46 million
PayU, the fintech business controlled by Prosus with operations in 50+ countries — it’s been described as the PayPal of emerging markets — announced a double-deal today to expand its presence in Latin America. The company has acquired Ding, a platform that lets people top up mobile phone credits for others remotely; and it has led a $46 million investment in to Treinta, a financial “superapp” aimed at small businesses. Ding has 300,000 monthly active users transferring about $10 million per month; and Y Combinator alum Treinta, which launched only 18 months ago, has 4 million customers.
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The company has acquired Ding, a platform that lets people top up mobile phone credits for others remotely; and it has led a $46 million investment in to Treinta, a financial “superapp” aimed at small businesses. The company quotes figures from the U.S. Department of Commerce that estimate Colombia alone to have the fifth largest e-commerce market in Latin America, which as a region is projected to reach 260.2 million digital shoppers by the end of 2022, overtaking the U.S., with $167.81 billion in purchases. The startup has only been around for 18 months and it says that it already has some 4 million SMB customers in 18 countries. This paves the way for PayU to develop more remittance services around Ding, and potentially extend its existing remittance operations to Ding’s customer base.