14th June 2024
Prosus, the Dutch-listed arm of South African expertise investor Naspers, on Wednesday stated that its fintech subsidiary PayU India, recorded whole revenues of $211 million for the primary six months of FY24, recording a 15% enhance over the identical interval final 12 months.

Additional, Prosus stated that the India entity has shuttered its buy-now-pay-later (BNPL) pay as you go card enterprise LazyCard, which has led to narrowing of the loss and improved profitability for the general fintech and funds portfolio of the group. Different elements resulting in the narrowing of losses for Prosus’ fintech enterprise embrace improved profitability in its world fee organisation (GPO) unit.

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In August, PayU reached an settlement to promote its GPO enterprise, which incorporates enterprise traces throughout markets corresponding to Latin America, Central and Japanese Europe in addition to Africa, to fintech service supplier Rapyd. The sale is predicted to shut within the first half of calendar 2024, with the core funds enterprise comprising PayU India, Iyzico in Turkey and Crimson Dot Funds in Southeast Asia.
At present, India contributes 48% of PayU’s core funds revenues.

The expansion in revenues largely got here from its current retailers and fee processing stack Wibmo, as new service provider signups continued to be paused for the Indian entity after a Reserve Financial institution of India (RBI) order.

Additionally learn | PayU eyes B2B pay, credit score play underneath new prime brass

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The RBI has requested the funds entity to reapply for a licence, ET had reported completely on January 12.Commenting on the embargo by the RBI on new service provider signups, Prosus stated, “The regulatory approvals relate to onboarding new on-line retailers whereas we proceed to supply fee providers to our current on-line retailers. We’re working carefully with the related authorities and anticipate a decision quickly.”

PayU was trying to change LazyCard to a bank card product as a substitute of a pay as you go card and reissue it to shoppers, ET had reported in July final 12 months. Nonetheless, it seems these plans have been shelved with the closing of the product line.

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