In an effort to strengthen its position in Latin America, Mexican B2B paytech Yaydoo has acquired SMB-focused financial services start-up Oyster Financial.
Vilash Poovala, the CEO of Oyster, will join Yaydoo as chief technology officer (CTO) as part of the acquisition, which will be for an undisclosed fee.
“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.” Vilash Poovala, CEO, Oyster.
The companies claim that the “complementary potential” of their products, which enabled integration with various accounting systems and corporate resource planning platforms, was the driving force behind the agreement.
By providing access to a variety of solutions that fit their unique budgets, their combined solution would close the financial inclusion gap for more businesses by enabling payments and collections to be made through various financial management software via Yaydoo’s centralised platform.
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.
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”. Sergio Almaguer, CEO and co-founder, Yaydoo.
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.