With the acquisition of online payments specialist Ding, PayU aims to accelerate innovation and competition within the digital payments industry in Colombia by strengthening the country’s digital economy and providing market entry for SMEs who were previously unable to access traditional financial services. The firm says it also contributed to Treinta’s recent $46 million funding round. Launched 18 months ago, Treinta is a super-app designed to help Latin American SMEs digitize their processes through online services, including accounting, inventory management and trading solutions. Treinta claims to have partnered with more than four million SMEs in over 18 Latin American countries.
Treinta says it will use the new funding to strengthen its product offering, expand the app’s user base and hire new staff. PayU adds it invested in Treinta to provide the necessary technological tools to help merchants control their finances, make better decisions, and grow their business. PayU is the e-payments and fintech business of Prosus, a global consumer internet group and technology investor. The firm operates in over 50 high-growth markets with the aim of empowering people through financial services and to “create a world without financial borders”. The company also claims to be one of the biggest investors in the fintech space, with investments totaling more than $1 billion to date.