LONDON, UK: Schroder British Opportunities Trust plc, a UK-based investment trust that focuses on supporting British businesses, has announced that one of its private equity investments, Rapyd, has acquired PayU Global Payment Organisation (GPO) from Prosus, a global consumer internet group.
The deal is subject to regulatory approval and is valued at $610 million.
Rapyd is a leading global Fintech-as-a-Service provider that offers a comprehensive platform for payments, fintech, and commerce. PayU GPO is a leading provider of payment solutions to both enterprise and SMB segments in emerging markets, operating in over 30 countries worldwide.
The acquisition will enhance Rapyd’s geographic reach, payment capabilities, and market penetration, as well as accelerate its plans towards an IPO.
SBO invested in Rapyd in January 2021, as part of the company’s $300m Series D financing round. The investment was made via its co-investment partner for this deal, Target Global, a pan-European growth and venture-focused firm and early stage investor in Rapyd. In August 2021, SBO confirmed that Rapyd had completed a $300m Series E funding round, which resulted in an uplift to the Company’s investment. This followed news of Rapyd’s acquisition of Valitor, an Icelandic payments solutions company, in July 2021.
Tim Creed and Pav Sriharan, two of the Company’s co-portfolio managers, commented: “We are delighted with the progress that Rapyd has made since our initial investment and are pleased to see the announcement of this acquisition, which will continue to drive the company’s strong global expansion and enhance Rapyd’s payment capabilities. We believe that Rapyd is well-positioned to become a dominant global fintech leader and we are proud to support its growth journey.”
SBO is a UK-based investment trust that aims to provide long-term capital growth and income by investing in both public and private equity of British businesses. The Company seeks to invest in companies that have strong growth potential, competitive advantages, and sustainable business models. SBO is managed by Schroder Investment Management Limited, a global asset management company with over £700 billion of assets under management.