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Yaydoo Acquires Payments Solution Oyster Financial and Consolidates Its B2B Fintech Leadership in Latin America

Tuesday, October 25, 2022 3:45 PM
Yaydoo
www.yaydoo.com
  • Yaydoo, the fast-growing B2B payments solution, acquires Oyster Financial, the financial services startup for freelancers, and SMEs in Mexico, is consolidating its position as a leader in payments, collection and B2B transactions in Latin America.
  • Vilash Poovala, CEO of Oyster, with more than 20 years of experience in the technology industry focused on financial innovation, will become CTO of Yaydoo.

MEXICO CITY, MEXICO and LAS VEGAS, NV / ACCESSWIRE / October 25, 2022 / Yaydoo, the leader in B2B transactions with solutions for accounts receivable, payables, and enterprise procurement in LATAM, acquired payments platform Oyster Financial. The acquisition consolidates Yaydoo's position as the largest B2B payments solution provider in the Latin-American market. Vilash Poovala, CEO of Oyster Financial and previously CTO of Clip, will become Chief Technology Officer of Yaydoo.

The acquisition comes about as a result of the complementary potential of the two companies' solutions, facilitating integration with different accounting systems and ERPs. The combined solution allows payments and collections to be made through various leading financial management software, such as CONTPAQi - all through Yaydoo's centralized platform. The combined organization will leverage Oyster's integrations and functionalities to expand its distribution channels and customer reach into SMBs, thereby reducing the financial inclusion gap for more 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 operations. 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 the Americas."

Oyster Financial was founded in 2018 by Vilash Poovala and Gabriel León with the purpose of providing the best technological tools for businesses to achieve their growth. Since then, Oyster has enabled Mexican SMEs to collect and receive payments within 24 hours and have gained 67,000 customers in only 2 years. In 2021, Oyster launched its payment links product, which allows businesses to have a solution that can be integrated with other accounting and administrative software systems. This allows businesses to automate all customer relationship management (CRM), enterprise resource planning (ERP), inventory monitoring, logistics and accounting systems.

"We are excited to be part of this great vision of growth and look forward to using the combined solutions to help SMBs get the very best in financial services, that will benefit the entrepreneurial ecosystem, demonstrating that there are alternative avenues other than investment." Vilash Poovala, CEO 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 has recently finalized a deal with CONTPAQi, one of Mexico's largest ERP pioneers in accounting and administrative software, to enable businesses to collect and pay through its platform.

Implementing tools to increase SMB's financial liquidity is a necessity that is largely driven by inflation. In the last year, 43% of CFOs prioritized the adoption of business technology solutions, such as CRM and ERP management systems, in their economic recovery strategy, according to the Dynamic Finance Organization survey, conducted by Dun & Bradstreet Finances.

This acquisition is part of a wider market consolidation in B2B payments. Yaydoo itself was recently acquired by Paystand, the largest blockchain-enabled B2B payments network, propelling the combined company to the list of fintech unicorns in the Americas. Oyster now joins the Yaydoo and Paystand family of solutions to simplify and decentralize the processes of making and receiving corporate payments in the US and LATAM.

"For Paystand and Yaydoo, adding Oyster is just the beginning of a shared journey of market growth that begins in the United States and Mexico, and positions our combined company as the fastest growing B2B payments network on the continent," said Jeremy Almond, CEO, Paystand.

"During a period of market uncertainty, our value proposition of improving the mission-critical cash cycle for businesses is a top priority for SME business and finance leaders. Our position as one of the fast-growing and scaled companies in this space is a huge opportunity to transform the global B2B payment market. We look to both grow and consolidate the market, and we have a healthy balance sheet and cash position to be able to do so going forward," concluded Almond, speaking at the front lines of the 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 the booth 4716 throughout the event.

About Paystand

Paystand is on a mission to create an open and equitable commercial finance system, starting with a zero-fee network for B2B payments. With its acquisition of the Mexico-based Yaydoo, Paystand has attained 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 U.S. and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.

About Yaydoo

Yaydoo creates and distributes financial automation technologies that help companies accelerate their B2B payments using software focused on business procurement, expense management, accounts payable and accounts receivable processes. Yaydoo is a leader in B2B Fintech in LATAM, with a workforce of over +150 employees located in more than 6 countries, impacting a network of more than 50 thousand companies that benefit from its 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 distinctions by Expansión Top Companies Mexico.

Founded in 2017 by Sergio Almaguer,Guillermo Treviño, and Roberto Flores, Yaydoo creates technology that improves the productivity of companies 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 finance system for entrepreneurs, small and medium-sized businesses in Mexico to easily obtain 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 SMEs 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 US $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

Topic:
Company Update
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