Israeli fintech company Rapyd has acquired European fintech firm PayU from Dutch investor Prosus for about $610 million, according to Calcalist. To close the deal, Rapyd raised $500 million—mostly in equity with a small debt portion.
This round valued Rapyd at around $4.5 billion, a drop from its $10 billion valuation in 2021.
With this, Rapyd’s total funding now exceeds $1 billion, making it one of the largest funding rounds in Israeli tech history.
The deal, first signed in August 2023, is now complete after approval from seven regulators worldwide. Rapyd, which operates in many countries with various licenses, will now have around 1,600 employees and annual revenue of over $1 bn.
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The company runs in Europe, the UK, South America, Asia, and the U.S., with plans to expand to Israel in 2025.
Founded in 2015 by Arkady Karpman, Arik Shtilman, and Omer Priel, Rapyd is building a global payments platform for businesses and consumers, supporting bank transfers, digital wallets, and cash payments. During the tech boom in 2022, it was Israel’s most valuable private tech company, valued at around $15 billion in a secondary transaction.
In December, Calcalist reported that Rapyd applied for a broader license from the Israel Securities Authority. This would allow the company to issue credit cards in the future, putting it in direct competition with Isracard, MAX, and other credit card companies.
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PayU GPO offers payment solutions for businesses in emerging markets and operates in over 30 countries. The acquisition covers its operations in Europe, the Middle East, Africa, and Latin America but excludes India, Turkey, and Southeast Asia. Several major payment companies also competed for the deal.
With this acquisition, Rapyd can now process transactions in over 100 countries using 1,200+ payment methods. It also holds financial permits in 41 countries and has many partnerships.
