Digital payments firm Wibmo acquires start-up Mypoolin
US-based digital payment company Wibmo Inc has bought Bengaluru-based payment solution provider Mypoolin in a cash and stock deal.
The deal was valued above $1 million and all existing investors will get a combination of stock and cash, according to a person close to the development, who didn’t want to be named.
Mypoolin will continue to operate as an Indian subsidiary of Wibmo, but eventually the Bengaluru-based start-up will be integrated with the Wibmo, the person cited above added.
The founders will join Wibmo’s India office.
Incorporated in 2015, Mypoolin provides payment solutions for retail merchants and allows individual users to send and receive money directly from banks. It also provided a feature to split and settle bills with friends using a web interface.
According to Ankit Singh, co-founder, Mypoolin, the acquisition will help the company create a broad range of solutions to meet the rapidly evolving payment need of consumers and merchants in India.
“Our focus has always been to build products for the future and our company is a testament to the same. We are very happy to accelerate and scale up our impact journey with Wibmo, given their deep expertise in the domain of digital payments.” added Rohit Taneja, co-founder, Mypoolin.
In 2015, Mypoolin raised $250,000 from Qualcomm Ventures, the venture capital arm of the semiconductor maker Qualcomm Inc, Accel Partners, Investopad and many other prominent angel investors. In total the company has raised less than $500,000.
On the other hand, Wibmo already has a B2B presence in India and claims to work with private banks in India. The US company plans to use Mypoolin acquisition for expanding its consumer base.
“Mypoolin is a very strong technology company in the bank account based payment space in India. With UPI and Aadhaar based market leading solutions in this rapidly growing segment, Mypoolin expands our offering in consumer payments and opens up some very exciting opportunities”, said Govind Setlur, chief executive officer, Wibmo.