Payu Doubles Down on Latin American Fintech, Acquires Ding and Leads $46 Million Investment in ‘Superapp’ Treinta in Colombia
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 mobile payments platform; and it has led a $46 million investment into Treinta, a financial “superapp” aimed at small businesses. Y Combinator alum Treinta, which launched only 18 months ago, has 4 million customers.
Notably, both are based in Colombia but provide services across the Latin America region. For PayU and Prosus, the deals are significant for two main reasons.
First, they are helping Prosus tap into what continues to be a fast-growing market. 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.
Photo courtesy of Juanedc.