California-based payments solution company, Wibmo, has acquired Bengaluru-based payment technology startup Mypoolin in an undisclosed amount. The deal is said to be done in part cash and part stock.
Wibmo offers its digital payment technology solutions and payment security in multiple countries including India. The company also offers mobile-based consumer payments solutions to some of India’s largest banks.
Post acquisition, Mypoolin will continue its operations as an Indian subsidiary of Wibmo. The products and technologies of Mypoolin would continue to grow as well as the two companies would leverage their strengths for future businesses.
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On the acquisition, Govind Setlur, founder and CEO of Wibmo, said, “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 some very exciting opportunities.”
Founded in January 2015 by Rohit Taneja and Ankit Singh, Mypoolin offers its payment solutions to retail merchants and allows its users to send and receive money directly. The company also provided a feature to split and settle bills using an interface.
In its early stages the company received funds from Accel Partners, Qualcomm Ventures, Investopad and angel investors like Rajan Anandan, Sharad Sharma and Sunil Kalra among others. Mypoolin also won a convertible note of $250K via QPrize in the year of its inception. Taneja also participated in StartupPulse Bengaluru, Inc42 edition.
Commenting on the development Ankit Singh, Co-founder, Mypoolin said, “With Wibmo, we have a perfect fit for our products, creating a broad range of solutions to meet the rapidly evolving everyday payment need of consumers and merchants in India.”
Setlur added, “With a strong focus on innovation and rapid adoption of technology to meet market needs, Mypoolin aligns well with our own culture of being the change agent in payments.”
India has been witnessing growth in its digital penetration. Recently, a report by Credit Suisse predicted India’s digital payments industry to grow five-fold from its present $200 Bn to $1 Tn by 2023. It also suggested that the value of digital payments will likely jump from the current 10% to over 25% by 2023.
A Google-BCG report had suggested that the digital spending by consumers is expected to grow nearly 2.5 times to $100 Bn by 2020.
Recently, data released by the Reserve Bank of India (RBI) showed that digital transactions in the country reached a record high of 1.11 Bn in January 2018, up by 4.73% from the 1.06 Bn it reached in December 2017.
Amid such growth, various global companies have been eyeing a share in the digital payments pie through mergers and acquisitions as well as direct entries. With the acquisition of Mypoolin, Wibmo has taken a step forward in strengthening its foothold in the growing fintech market of India.