Netherlands’ PayU has received the endorsement of Colombian regulatory authorities to acquire local electronic payment and deposit specialist Tecnipagos, better known as Ding.

Based in Bogota, Ding allows merchants to make electronic deposits like they would with a savings account, and accept payments from credit and debit cards, QR codes, and other methods.

The company also issues its own Visa debit and business cards, available in both physical and virtual form.

PayU is an e-commerce payment solutions and consumer credit provider that also invests in fintech startups. The company operates in over 50 markets, has offices in 18 locations and over 3000 employees.

Francisco León

Francisco León, CEO of PayU Latin America comments:

“PayU has accompanied the evolution of online payments in Colombia and the company now seeks to expand its scope of services to boost the financial inclusion of small and medium-sized companies in the country.

We are extremely excited about the acquisition of Ding, as it will help our growth strategy further respond to the permanent challenges arising from the market.”

Juan Camilo Vargas

Juan Camilo Vargas, Country Manager at PayU Colombia adds:

“Our strategic vision focuses especially on leveraging SMBs in the country and this acquisition will be a cornerstone in this important purpose.”

This post first appeared on Fintech News America.