- Yaydoo, the fast-growing B2B payment solution, acquires Oyster Financial, the financial services startup for freelancers and SMEs in Mexico, consolidating its position as a leader in payments, collections and B2B transactions in Latin America.
- Vilash Poovala, CEO of Oyster, with more than 20 years of experience in the technology industry with a focus on financial innovation, will become the CTO of Yaydoo.
MEXICO CITY, MEXICO and LAS VEGAS, NV / ACCESSWIRE / October 25, 2022 / Yaydoo, the leader in B2B transactions with accounts receivable, payables and corporate procurement solutions in LATAM, acquired payment platform Oyster Financial. The acquisition consolidates Yaydoo’s position as the largest provider of B2B payment solutions in the Latin American market. Vilash Poovala, CEO of Oyster Financial and former CTO of Clip, will become Chief Technology Officer of Yaydoo.
The acquisition is a result of the complementary potential of the two companies’ solutions, which facilitate integration with various accounting systems and ERPs. The combined solution allows payments and collections to be made through various leading software for financial management, such as CONTPAQi – all through Yaydoo’s centralized platform. The combined organization will leverage Oyster’s integrations and capabilities to expand the distribution channels and customer reach of SMEs, thereby reducing the financial inclusion gap for multiple companies, by unlocking a wide range of affordable solutions that meet their respective budgets.
Sergio Almaguer, CEO and co-founder of Yaydoo, said: “This acquisition consolidates our leadership in business payments and accelerates our growth, enabling many thousands of companies to collect and pay through the software they already use to run their business. We are confident that Oyster’s technology and Vilash’s expertise will enable us to scale our solutions to achieve the impact we are looking for across America.”
Oyster Financial was founded in 2018 by Vilash Poovala and Gabriel León with the aim of providing the best technological tools for companies to achieve their growth. Since then, Oyster has enabled Mexican SMEs to collect and receive payments within 24 hours and has gained 67,000 customers in just 2 years. In 2021, Oyster launched its payment connector product, which allows businesses to have a solution that can be integrated with other accounting and administrative software systems. This enables businesses to automate all customer management (CRM), enterprise resource planning (ERP), inventory monitoring, logistics and accounting systems.
“We are excited to be a part of this great vision of growth and look forward to using the combined solutions to help SMEs get the very best in financial services, which will benefit the entrepreneurial ecosystem, and demonstrate that there are other alternative paths than investment.” Vilash Poovala, Managing Director of Oyster said. “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.”
Oyster Financial’s technology has a payments architecture designed to scale exponentially across the Americas, and it recently finalized an agreement with CONTPAQi, one of Mexico’s largest ERP pioneers in accounting and administrative software, to enable businesses to collect and pay through the platform.
Implementing tools to increase SMEs’ financial liquidity is a necessity that is largely driven by inflation. In the past year, 43% of CFOs prioritized adopting business technology solutions, such as CRM and ERP management systems, in their financial recovery strategy, according to the Dynamic Finance Organization survey, conducted by Dun & Bradstreet Finances.
This acquisition is part of a wider market consolidation within B2B payments. Yaydoo was recently acquired by Paystand, the largest blockchain-enabled B2B payment network, propelling the combined company to the list of fintech unicorns in America. Oyster now joins Yaydoo and the Paystand family of solutions to simplify and decentralize the processes for making and receiving business payments in the US and LATAM.
“For Paystand and Yaydoo, adding Oyster is just the beginning of a joint journey of market growth beginning in the US and Mexico, positioning our combined company as the fastest growing B2B payment network on the continent,” said Jeremy Almond, CEO. , Salary level.
“In a period of market uncertainty, our value proposition of improving the mission-critical cash cycle for businesses is a top priority for SMB and finance leaders. Our position as one of the fastest growing and scaled companies in this space is a tremendous opportunity to transform the global B2B payments market. We are looking to both grow and consolidate the market, and we have a healthy balance sheet and liquidity position to do so going forward,” concluded Almond, speaking on the front lines of Money. 20/20 Conference in Las Vegas, NV.
Money 20/20 is the event that brings together the most important players in the Fintech ecosystem such as the leaders of Yaydoo and Paystand. To find out more about their solutions, visit booth 4716 throughout the event.
About Paystand
Paystand is on a mission to create an open and fair commercial finance system, starting with a free network for B2B payments. With the acquisition of Mexico-based Yaydoo, Paystand has achieved unicorn status and is the largest B2B receivables, payables and payments network running on a commercial blockchain. Paystand makes it possible to digitize receivables, automate processing, reduce time to cash, eliminate transaction fees and enable new revenue. The AR/AP solutions are designed for both US and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and contact us on Twitter and LinkedIn.
About Yaydoo
Yaydoo creates and deploys financial automation technologies that help businesses accelerate their B2B payments using software focused on business procurement, expense management, accounts payable and accounts receivable. Yaydoo is a leader in B2B Fintech in LATAM, with a workforce of over +150 employees located in more than 6 countries, influencing a network of more than 50 thousand companies that benefit from their solutions. It has been recognized as one of the 100 fastest growing startups in Mexico according to Forbes, also as “Súper Empresa 2022” and “Super Empresas para Mujeres 2022”, both awards by Expansión Top Companies Mexico.
Founded in 2017 by Sergio Almaguer, Guillermo Treviño and Roberto Flores, Yaydoo creates technology that improves the productivity of businesses and the well-being of individuals, helping them achieve financial independence through innovation. In 2021, the company raised a Series A round of 20.4 million with the goal of becoming the standard for B2B payments and access to liquidity in emerging markets. For more information about Yaydoo, visit yaydoo.com and follow us on Facebook and LinkedIn.
About Oyster Financial
Oyster Financial is a financial technology company focused on creating a new financial system for entrepreneurs, SMEs in Mexico to easily get a business bank account as well as a debit card in days, not months or even years. Its vision is to create and implement revenue-enhancing financial services and products for small and medium-sized businesses that ensure the health and well-being of businesses as they grow over time.
Founded in 2018 by Vilash Poovala and Gabriel Leon, the company is backed by investors including FinTech Collective, Kevin Efrusy, monashees, Headline Ventures, DeCart Ventures, SV LATAM Capital and Ulu Ventures, Citius Ventures with a total of USD 20 million in seed funding. For more information, please visit: https://oyster.io
Media contact:
Alma Sanchez
Ronin PR
+52 1 (55) 2748 7884
[email protected]
SOURCE: Yaydoo
