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.
Mypoolin will continue to operate
as an Indian subsidiary of Wibmo, but eventually the Bengaluru-based start-up
will be integrated with the Wibmo. 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.
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.
Other acquisitions in the fintech
space include The Mobile Wallet, which in January acquired payment
platform Trupay for an undisclosed amount. The deal will help TMW expand its
payment solutions. In the same month, media conglomerate Bennett, Coleman and
Company Ltd (BCCL) acquired a stake in a Mumbai-based online lending firm FinReq.
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