Hoofddorp, The Netherlands – January 8, 2019: PayU confirms its investment in Bakkt, a new venture led by Intercontinental Exchange (ICE), operator of the New York Stock Exchange (NYSE). The strategic investment marks the latest investment from PayU in a fintech venture which complement its core payments and credit business lines.
As an infrastructure provider for digital assets, Bakkt is designed to serve institutional demand for trading and custodying Bitcoin due to ICE’s expertise and network of global exchanges and clearinghouses. Other Investors seeding the investment include Boston Consulting Group, Microsoft’s venture capital arm, M12, and Pantera Capital. Bakkt is collaborating with companies like Starbucks. PayU’s strategic investment marks another step in the company’s journey to becoming a fintech and financial services global leader. Backed by tech investment giant Naspers, PayU has a $400 million track record of investing in opportunities in high growth markets which both further global innovation and give the company new capabilities to serve its clients across vertical markets. Other examples of strategic investments in businesses which fit this purpose and complement the company’s core payments and credit businesses include remittance company Remitly and cryptocurrency platform Luno.
Bakkt’s plan to make headway in the digital assets space for use cases with merchants and consumers, and in supporting liquidity for institutional trading, aligns with PayU’s heritage and core focus as a payments business. PayU is centered on extending the reach of financial services to growth markets and becoming one of the top ten payments companies in the world.
Laurent le Moal, CEO of PayU, said:“We are relentless in our search for exciting new companies with innovative value propositions, in both established and high growth markets. Investing alongside partners ranging from BCG to Pantera Capital is really exciting and we look forward to evaluating cryptocurrencies’ long-term potential together with the other shareholders.”
Fady Abdel-Nour, Global Head of Investments and M&A at PayU, added:“Cryptocurrency offers exciting opportunities as we believe we are in the very early stage of the creation of a new asset class. Digital assets have unique requirements and we believe Bakkt will provide the infrastructure needed to evolve these instruments. We are delighted to be investing in Bakkt to help push this trend forward and look forward to seeing the business reach its full potential.”
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PayU uses its payments heritage and expertise to deliver financial services in emerging markets. Our local operations in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa enable us to be experts in these countries and provide the best solutions for the local market. PayU is the leading online payment service provider in 18 high growth markets, dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Our 250+ payment methods and PCI certified platforms are designed to meet every consumer’s needs.
The markets in which PayU operates represent a potential consumer base of nearly 2.3 billion people and a huge growth potential for merchants. PayU has more than 1,800 payment specialists based in these local markets supporting PayU’s 300,000+ merchants and the millions of consumers making online payments.
Bakkt is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. Formed with the purpose of bringing trust, efficiency and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the blockchain.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 and Fortune Future 50 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. ICE is the parent company of the New York Stock Exchange, which has helped companies raise more capital than any other exchange in the world, driving economic growth and transforming markets.