Mexican B2B paytech Yaydoo acquires Oyster Financial
Mexican B2B paytech Yaydoo has acquired SMB-focused financial services start-up Oyster Financial as it looks to boost its presence in Latin America.
Yaydoo acquires Oyster as it looks to scale in LatAm
The acquisition, for an undisclosed sum, will also see Oyster CEO Vilash Poovala become chief technology officer (CTO) at Yaydoo.
Poovala says: “By merging with Yaydoo, we will be able to focus on addressing platforms that already serve many of these SMBs that are part of our target segment.”
The firms say the deal was borne from the “complementary potential” of their solutions, facilitating integration with different accounting systems and enterprise resource planning platforms.
Their combined solution will allow payments and collections to be made through various financial management software via Yaydoo’s centralised platform, reducing the financial inclusion gap for more companies by granting access to a range of solutions that meet their respective budgets.
Yaydoo CEO and co-founder Sergio Almaguer says the acquisition will enable “thousands” of companies to collect and make payments through the software they already use to run their operations.
Almaguer adds that Oyster’s tech and the addition of Poovala to the team will “enable us to scale our solutions to achieve the impact we are looking for across the Americas”.
In August, Yaydoo was acquired by B2B payments platform Paystand for an undisclosed sum in what it described as “one of the biggest technology unions” in the LatAm region.
