Mexican unicorn Yaydoo announced the acquisition of B2B payments platform Oyster Financial. Yaydoo, is a company founded in 2017 that provides financial technology and payments solutions for businesses in Latin America. With this acquisition, the unicorn will incorporate Vilash Poovala, CEO of Oyster Financial and previous CTO of Mexican unicorn Clip, as chief technology officer of Yaydoo.
Yaydoo’s co-founder and CEO Sergio Almaguer, said the purchase consolidates its leadership in enterprise payments and accelerates its growth, enabling tens of thousands of companies to collect and pay through the software they already use to operate their business. Oyster CEO Vilash Poovala noted that the merger with Yaydoo will allow them to focus on platforms that already serve many businesses that are part of their target segment.
Oyster Financial was founded in 2018 by Vilash Poovala and Gabriel Leon with the goal of providing businesses with the best technology tools to achieve growth. Since then, Oyster has offered Mexican SMEs the ability to collect and receive payments in 24 hours, and acquired 67,000 customers in 2 years.
This past August, Yaydoo merged with Paystand, the largest blockchain-enabled B2B payments network, propelling the combined company to the list of fintech unicorns on the continent. Oyster now joins Yaydoo and Paystand to simplify the processes of making and receiving corporate payments in the U.S. and Latin America.