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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

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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.

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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.”

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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.”

​ 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 

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Business

Pros and Cons of the Big Beautiful Bill

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The “Big Beautiful Bill” (officially the One Big Beautiful Bill Act) is a sweeping tax and spending package passed in July 2025. It makes permanent many Trump-era tax cuts, introduces new tax breaks for working Americans, and enacts deep cuts to federal safety-net programs. The bill also increases spending on border security and defense, while rolling back clean energy incentives and tightening requirements for social programs.

Pros

1. Tax Relief for Middle and Working-Class Families

2. Support for Small Businesses and Economic Growth

  • Makes the small business deduction permanent, supporting Main Street businesses.
  • Expands expensing for investment in short-lived assets and domestic R&D, which is considered pro-growth.

3. Increased Spending on Security and Infrastructure

4. Simplification and Fairness in the Tax Code

  • Expands the Earned Income Tax Credit (EITC) and raises marginal rates on individuals earning over $400,000.
  • Closes various deductions and loopholes, especially those benefiting private equity and multinational corporations.

Cons

1. Deep Cuts to Social Safety Net Programs

  • Cuts Medicaid by approximately $930 billion and imposes new work requirements, which could leave millions without health insurance.
  • Tightens eligibility and work requirements for SNAP (food assistance), potentially removing benefits from many low-income families.
  • Rolls back student loan forgiveness and repeals Biden-era subsidies.

2. Increases the Federal Deficit

  • The bill is projected to add $3.3–4 trillion to the federal deficit over 10 years.
  • Critics argue that the combination of tax cuts and increased spending is fiscally irresponsible.

3. Benefits Skewed Toward the Wealthy

  • The largest income gains go to affluent Americans, with top earners seeing significant after-tax increases.
  • Critics describe the bill as the largest upward transfer of wealth in recent U.S. history.

4. Rollback of Clean Energy and Climate Incentives

5. Potential Harm to Healthcare and Rural Hospitals

6. Public and Political Backlash

  • The bill is unpopular in public polls and is seen as a political risk for its supporters.
  • Critics warn it will widen the gap between rich and poor and reverse progress on alternative energy and healthcare.

Summary Table

ProsCons
Permanent middle-class tax cutsDeep Medicaid and SNAP cuts
No tax on tips/overtime for most workersMillions may lose health insurance
Doubled Child Tax CreditAdds $3.3–4T to deficit
Small business supportBenefits skewed to wealthy
Increased border/defense spendingClean energy incentives eliminated
Simplifies some tax provisionsThreatens rural hospitals
Public backlash, political risk

In summary:
The Big Beautiful Bill delivers significant tax relief and new benefits for many working and middle-class Americans, but it does so at the cost of deep cuts to social programs, a higher federal deficit, and reduced support for clean energy and healthcare. The bill is highly polarizing, with supporters touting its pro-growth and pro-family provisions, while critics warn of increased inequality and harm to vulnerable populations.

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Trump Threatens to ‘Take a Look’ at Deporting Elon Musk Amid Explosive Feud

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The escalating conflict between President Donald Trump and Elon Musk reached a new peak this week, as Trump publicly suggested he would consider deporting the billionaire entrepreneur in response to Musk’s fierce criticism of the president’s signature tax and spending bill.

FILE PHOTO: Tesla CEO Elon Musk arrives on the red carpet for the automobile awards “Das Goldene Lenkrad” (The golden steering wheel) given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke/File Photo

“I don’t know, we’ll have to take a look,” Trump told reporters on Tuesday when asked directly if he would deport Musk, who was born in South Africa but has been a U.S. citizen since 2002.

This threat followed a late-night post on Trump’s Truth Social platform, where he accused Musk of being the largest recipient of government subsidies in U.S. history. Trump claimed that without these supports, Musk “would likely have to shut down operations and return to South Africa,” and that ending such subsidies would mean “no more rocket launches, satellites, or electric vehicle production, and our nation would save a FORTUNE”.

Trump also invoked the Department of Government Efficiency (DOGE)—a federal agency Musk previously led—as a potential tool to scrutinize Musk’s companies. “We might have to put DOGE on Elon. You know what DOGE is? The DOGE is the monster that might have to go back and eat Elon,” Trump remarked, further intensifying the feud.

Background to the Feud

The rupture comes after Musk’s repeated attacks on Trump’s so-called “Big, Beautiful Bill,” a comprehensive spending and tax reform proposal that Musk has labeled a “disgusting abomination” and a threat to the nation’s fiscal health. Musk, once a Trump ally who contributed heavily to his election campaign and served as a government advisor, has called for the formation of a new political party, claiming the bill exposes the need for an alternative to the current two-party system.

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In response, Trump’s allies have amplified questions about Musk’s citizenship and immigration history, with some suggesting an investigation into his naturalization process. However, legal experts note that deporting a naturalized U.S. citizen like Musk would be extremely difficult. The only path would involve denaturalization—a rare and complex legal process requiring proof of intentional fraud during the citizenship application, a standard typically reserved for the most egregious cases.

Political Fallout

Musk’s criticism has rattled some Republican lawmakers, who fear the feud could undermine their party’s unity ahead of the 2026 midterm elections. Meanwhile, Musk has doubled down on his opposition, warning he will support primary challengers against Republicans who back Trump’s bill.

Key Points:

As the dispute continues, it has become a flashpoint in the broader debate over government spending, corporate subsidies, and political loyalty at the highest levels of American power.

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Christianity Emerges as Fastest-Growing Religion in Iran Despite Crackdowns

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Christianity is experiencing unprecedented growth in Iran, making it the fastest-growing religion in the country despite severe government crackdowns and the risk of harsh penalties for converts. Recent studies and reports from both religious organizations and independent researchers confirm that the number of Christians in Iran has surged over the past decade, with estimates now ranging from 800,000 to as many as 3 million believers, many of whom are converts from Islam.

This remarkable trend is unfolding against a backdrop of systematic persecution. Iranian authorities routinely target house churches, arresting and imprisoning Christians for activities deemed a threat to national security or as “propaganda against the regime.” In 2022 alone, at least 134 Christians were arrested, with dozens receiving prison sentences or being forced into exile. Conversion from Islam remains a criminal offense in Iran, punishable by severe penalties, including, in rare cases, the death penalty.

Despite these dangers, the church in Iran is flourishing underground. The growth is especially notable among young people, many of whom are disillusioned with the country’s strict Islamic rule and are seeking spiritual alternatives that emphasize personal faith and community. Secret house churches and underground networks have become the primary venues for worship and community, with large-scale baptisms sometimes taking place in secret or even across the border.

The Iranian government has acknowledged the trend with concern. Officials have dispatched agents to counter the spread of Christianity, and Islamic clerics have issued warnings about the faith’s rapid expansion. Nevertheless, satellite TV broadcasts, digital outreach, and word-of-mouth continue to fuel the movement, bringing the Christian message to new audiences across the country.

Scholars and observers agree that Iran is witnessing one of the highest rates of Christianization in the world today. Forecasts suggest the Christian population could double again by 2050, even as persecution persists. For many Iranians, Christianity offers a message of hope and transformation that stands in stark contrast to the repressive environment they face, making its spread all the more remarkable in one of the world’s most closed societies.

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