Yaydoo, a Mexican fintech focused on B2B payments, recently announced the acquisition of the payments platform Oyster Financial.
This acquisition consolidates Yaydoo’s position as the largest provider of payment solutions in the Latin American B2B market.
The acquisition comes as a catalyst for the potential of both companies’ solutions, facilitating integration with their different financial systems.
The union of the two companies’ technologies will enable the expansion of payment and collection services through various leading financial management programs, such as CONTPAQi – all through Yaydoo’s centralized platform.
Vilash Poovala, CEO of Oyster Financial, who previously served as Clip’s CTO, will become Yaydoo’s Chief Technology Officer.
“This acquisition solidifies our leadership in enterprise payments and accelerates our growth, enabling tens of thousands of companies to collect and pay through the software they already use to operate their business,” said Sergio Almaguer, CEO, and co-founder of Yaydoo, in a statement. “We are convinced that Oyster’s technology and Vilash’s expertise will allow us to scale our solutions to achieve the impact we are looking for throughout the Americas.”
Oyster Financial was founded in 2018 by Vilash Poovala and Gabriel Leon to provide companies with the best technological tools to achieve growth. Since then, Oyster has offered Mexican small and medium-sized businesses the ability to collect and receive payments in 24 hours and acquired 67,000 customers in just two years.
Last year, Oyster launched its payment link product that allows businesses to have a solution that can be integrated with other administrative and accounting software tools. This will enable companies to automate all customer relationship management (CRM), enterprise resource planning (ERP), inventory monitoring, logistics, and accounting systems.
Alternative avenues for investment
“We are excited to be part of this great vision for growth and look forward to using the combined solutions to help small and medium-sized businesses get the best in financial services, which will benefit the entrepreneurial ecosystem, demonstrating that there are alternative avenues for investment,” said Vilash Poovala, CEO of Oyster. “By merging with Yaydoo, we will be able to focus on targeting platforms that already provide services to many of these companies that are part of our core market segment.”
Oyster Financial’s technology has a payments architecture designed to scale exponentially throughout the Americas. It recently closed a deal with CONTPAQi, one of Mexico’s most prominent accounting and administrative software pioneers, to enable companies to collect and pay through its platform.
This acquisition is part of a broader consolidation of the B2B payments market in LatAm. Yaydoo also recently merged with Paystand, the largest blockchain-enabled B2B payments network, turning the business into one of the newest fintech unicorns on the continent.
Oyster now joins the Yaydoo and Paystand group of solutions to simplify and decentralize sending and receiving corporate payments in the U.S. and LATAM.
Jorge C. Carrasco is a Contributing Reporter at Fintech Nexus. He reports on fintech, economy, banking, startups, and technology, covering the most impactful stories from a Latin American perspective.
He has contributed to several international publications, such as Foreign Policy, The Spectator Australia, Estadão, Época, Washington Examiner, and Quillette. Originally from Havana, Cuba, he is now based in Brazil.