World News

Rapyd acquires a piece of PayU from Prosus for $610M to scale its fintech-as-a-service platform on August 1, 2023 at 6:21 am

Published

2 years ago

August 1, 2023

Rapyd, the fintech-as-a-service startup that provides APIs to enable payments, card issuing, digital wallet and other financial services to companies like Uber and Ikea, is taking a significant step forward in its growth with a big acquisition: it is paying $610 million to acquire a giant piece of PayU — the payments group of internet giant Prosus that focuses on emerging markets.

While full financial terms of the deal are not being disclosed, Arik Shtilman, Rapyd’s CEO and co-founder, told TechCrunch that his company is “in [the] final stages of closing a new financing round of $700 million,” which points to how the deal will be financed. He also confirmed that Prosus does not become a shareholder with this acquisition.

Rapyd is currently valued at $8.75 billion and has raised more than $806 million, with its current investors including the likes of Fidelity, Dragoneer, General Catalyst and Target Global, as well fintech giant Stripe.

PayU’s operations span some 50 countries, and Prosus is not selling all of these: it is selling what it calls the “Global Payment Organisation” (GPO) and will continue to hold on to PayU’s operations in India, Turkey and Southeast Asia, arguably the three biggest regions for the business.

The deal underscores both ambitions for Rapyd — with roots in Israel but now based out of the U.S. — to build out more scale and reach globally for its wider payments operations en route to an IPO, with its fuller customer list now including Meta, Netflix, Adidas, Inditex (owner of Zara) and some 100 other major enterprise businesses.

But it also points Prosus’ efforts to streamline its operations and to cut out assets that are dragging it down. In quarterly results reported in June, Prosus said it made $903 million in consolidated revenues from its payments business, with India profitable and driving the growth rate of the overall segment. But it also said that the GPO business contributed to overall trading losses of $83 million (which also faced issues due to problems in other operations such as BYJU’s).

The deal must still go through regulatory clearance, Rapyd said, but Shtilman added that if it does, it will stand as the largest deal so far in 2023, with the fundraise to finance it accounting for 3% of all fintech fundraising for the year.

It will also provide more fuel to Rapyd for its next steps. IPO plans are so far not specific. “Timing will be dictated by a range of factors,” Shtilman said. “Like any other company that is weighing the benefits of going public, we are looking at multiple factors including market conditions, desire of investors, and the ability to fund a specific set of future initiatives for global expansion.”

At a time when privately-backed fintechs, as well as those trading on the public markets, continue to face a lot of negative pressure amid a wider downturn in technology finance, Rapyd plans to take advantage of that and make more acquisitions, Shtilman said. Ironically, that was also the strategy for PayU over the years, acquiring businesses in Turkey, Latin America, India, and more, as well as taking stakes in a number of other fintech businesses. Some of those plans did not pan out as it hoped: a $4.7 billion acquisition of BillDesk abruptly got cancelled in October 2022, even after meeting regulatory approvals.

“PayU has built and scaled its GPO business successfully over a number of years. It is important to us that a company with a track record like Rapyd will take the business to the next level, expanding the GPO solutions to meet the evolving needs of the dynamic fintech landscape globally,” said Laurent le Moal, PayU’s CEO, in a statement. “I wish Rapyd every success as it continues to build its global payments platform.”

News

Pope Francis is Now in Stable Condition

Published

2 weeks ago

February 22, 2025

Bolanle Media Staff

Pope Francis, the 88-year-old leader of the Catholic Church, remains in critical condition at Rome’s Gemelli Hospital, where he has been receiving treatment for over a week. The pontiff’s health has taken a turn for the worse, raising concerns among the faithful worldwide.

Current Status

As of Saturday, February 22, 2025, Pope Francis experienced a prolonged asthma-like respiratory crisis that required high-flow oxygen treatment. The Vatican reported that his condition had deteriorated since Friday, emphasizing that “the pope is not out of danger”.

The Holy Father continues to be alert and spent the day in an armchair, although he is experiencing more discomfort than the previous day. His prognosis remains guarded, indicating the seriousness of his condition.

Medical Challenges

Pope Francis is battling a complex set of medical issues:

The pope’s medical team faces the challenge of balancing various medications to combat these issues while monitoring for potential complications, such as sepsis.

Treatment and Outlook

The Vatican has confirmed that Pope Francis will remain hospitalized for at least another week. He is receiving targeted drug therapy and high-flow oxygen as needed. While he is not on a ventilator and can breathe independently, his condition requires close monitoring.

Dr. Luigi Carbone, the pope’s personal physician, stated, “He is not out of danger,” highlighting the delicate nature of the pontiff’s health.

Impact on Vatican Activities

In light of the pope’s condition, all public engagements on his schedule have been suspended through Sunday. The Vatican is carrying on with its Holy Year celebrations without the pope’s presence.

As the Catholic world watches and prays for Pope Francis’s recovery, the Vatican continues to provide updates on his condition. The situation remains fluid, and both positive and negative outcomes are possible given the complexity of the pope’s health issues.

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Business

HRM Queen Shanta Lana Hereford Delivers Powerful Speech on Global Peace

Published

3 weeks ago

February 20, 2025

Bolanle Media Staff

New Delhi, India – February 16, 2025 – Her Royal Majesty Queen Shanta Lana Hereford, a distinguished global leader and advocate for peace and economic empowerment, was a special
guest speaker at an international event hosted by the EurAsia Afro Chamber of Commerce. The
hybrid event, aired live from New Delhi, India, gathered influential leaders, policymakers, and business executives from around the world to discuss global cooperation, economic diplomacy, and sustainable peace.

Queen Shanta delivered a compelling speech titled “Creating a Framework for a Global Peace Charter,” emphasizing the need for a justice-centered, faith-driven approach to global peace. She outlined a transformative vision, calling for governments, businesses, and faith leaders to unite to draft policies integrating equity, economic accountability, and environmental stewardship into global governance.

“The pursuit of peace is not just the absence of war; it is the presence of justice, dignity, and
opportunity for all, ” Queen Shanta stated. “We must move beyond just talking and establish
actionable frameworks that empower nations and communities to achieve lasting prosperity and peace.”

The EurAsia Afro Chamber of Commerce, under the leadership of its founder and chairman, Dr. Rohit Gupta, is dedicated to fostering economic and cultural collaboration between Africa, Asia, and Europe. The organization aims to create a strong, interconnected business network
bridging these regions, facilitating pathways for economic prosperity and diplomatic relations.
As a prolific leader within the African American diaspora and a global advocate for its
advancement, HRM Queen Shanta Lana Hereford is actively exploring opportunities for trade
and commerce between Africa, Asia, Europe, and other international communities.

Through her affiliations with organizations such as The African Diaspora Collective, The Atlanta Black Chambers, The Black Achievement Fund, The National Business League, The 10K Project, and many others, she is championing economic initiatives that build sustainable supply chains and foster strategic partnerships.

Her mission is to create economic opportunities for Black entrepreneurs and business leaders in America, who have historically been excluded from global trade discussions. By forging these international connections, Queen Hereford is working to ensure that Black communities in the U.S. not only have a seat at the table but play a key role in shaping the future of international commerce, economic empowerment, and global policy.

The event featured several other distinguished guests, including:
● Dr. Rohit Gupta: Founder and Chairman of the EurAsia Afro Chamber of Commerce,
Dr. Gupta has been instrumental in promoting cross-continental business relationships
and trade.
● H.E. Bishop Dr. Samsher Khan: Founder of the BSK Prayer Tower and IRKT, Bishop
Dr. Khan serves as a Peace Ambassador for the International Human Rights
Commission (IHRC) and holds the position of Asia’s Social Media Editor. He is dedicated
to promoting peace and spiritual well-being across communities.
● Madam Sadhvi Pragya Bharti: Sadhvi Pragya Bharti is a spiritual leader, humanitarian,
and national media panelist known for her advocacy of social and educational reforms
rooted in spirituality and justice.

The event underscored the importance of strategic economic partnerships as a tool for
peacebuilding, aligning with Queen Hereford’s global mission of self-determination and
economic sovereignty for Black and Indigenous communities worldwide.

As part of her continued advocacy, Queen Hereford urged global stakeholders to collaborate on
drafting a Global Peace Charter, organizing annual Global Peace Assemblies, and
implementing economic policies that uplift marginalized communities.

This event marks a significant milestone in international diplomacy, reinforcing the role of
economic and cultural cooperation in shaping a peaceful and prosperous future for all.

For media inquiries, interviews, or further information, please contact:
H.E. Roselyn Omaka
National Press Secretary, Nation of Cherut
Email: nps@nationofcherut.org
Phone: 281.301.5535

News

Terror Attacks in New Orleans and Las Vegas Linked

Published

2 months ago

January 2, 2025

Bolanle Media Staff

The start of 2025 has been marred by two horrific terror attacks in the United States, one in New Orleans and another in Las Vegas, both occurring on New Year’s Day. These incidents have left communities reeling and have raised concerns about potential connections between the suspects involved.

In New Orleans, a truck driven by 42-year-old Shamsud-Din Jabbar plowed into a crowd celebrating on Bourbon Street, resulting in at least 15 deaths and over 30 injuries. Eyewitnesses reported that Jabbar, a U.S. Army veteran from Texas, deliberately targeted pedestrians while flying an ISIS flag from his vehicle. Following the attack, he exited the truck armed with an assault rifle and opened fire on police officers before being killed in the ensuing confrontation. Authorities discovered improvised explosive devices (IEDs) within his vehicle and in the vicinity of the attack site, further confirming the premeditated nature of this act of terrorism.

Simultaneously, a separate incident unfolded in Las Vegas when a Tesla Cybertruck exploded outside the Trump International Hotel. The driver, identified as Matthew Livelsberger, also had a military background and was reported to have detonated the vehicle packed with firework mortars and fuel, resulting in his death and injuring seven others. Investigators are exploring whether Livelsberger and Jabbar had any prior connection, as both men served at the same military base at different times.

While the FBI has confirmed that they are investigating both attacks as acts of terrorism, they have not established a definitive link between the two incidents. However, similarities in their execution—both suspects rented vehicles from the same company—have prompted further scrutiny into their backgrounds and any potential accomplices.

As investigations continue, authorities are urging anyone with information about either suspect to come forward. The tragic events have sparked discussions about security measures in public spaces, particularly as cities prepare for large gatherings in the coming months.

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