Mexican B2B paytech company Yaydoo (website) has acquired Oyster Financial, a startup specializing in financial services for small and medium-sized businesses, to strengthen its presence in Latin America. With the acquisition for an undisclosed sum, Oyster CEO Vilash Poovala becomes Yaydoo’s chief technology officer (CTO).
Poovala says, “By merging with Yaydoo, we can focus on the platforms that already serve many of these SMBs that are part of our target segment.”
The two companies justify the acquisition by citing the “complementary potential” of their solutions, which will facilitate integration with various accounting systems and enterprise resource planning platforms.
The combined solution will allow payments and collections to be processed through Yaydoo’s centralized platform by different financial management software, reducing the financial inclusion gap for more companies by giving them access to various solutions that fit their respective budgets.
According to Sergio Almaguer, CEO and co-founder of Yaydoo, the acquisition will enable “thousands” of companies to collect and process payments through the software they already use to run their businesses.
Almaguer adds that Oyster’s technology and the addition of Poovala to the team “will allow us to scale our solutions to have the impact we seek across the Americas.”
In August, Yaydoo was acquired by B2B payments platform PayStand for an undisclosed sum, in what was described as “one of the largest technology associations” in the LatAm region.