California Based Wibmo Acquires Payments Tech Startup Mypoolin

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.
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.
Shoot

Trending News

Xiaomi pumps Rs 3,500 crore into India business

BlackBuck's out to raise $150M in new round, valuation likely to jump to $800 M

With $21 Billion, Azim Premji among world’s top philanthropists

Google agreed on a $45M exit package for India-origin exec accused of sex abuse

HSBC pegs Zomato's valuation at $3.6 billion ahead of Swiggy

PayU in talks to acquire online payments firm Wibmo for $60M

Quikr close to acquiring refurbished goods marketplace Zefo in all-stock deal

What life looks like after a layoff from an IT company

General Atlantic & Tencent pump in another Rs 80 Cr in ed-tech unicorn Byju's

US Senator Warren vows to break up Amazon, Facebook, Google

SoftBank extends tech reach with $5B Latin American fund

Coverfox hits the market to raise $50M in new financing round

Cognizant faces US lawsuit alleging discrimination

China's Huawei sues US over federal ban on using its products

Germany's Delivery Hero acquires Zomato's UAE biz, invests in India ops

Ahead of deadline, debate rages on e-commerce policy

Flipkart rejigs reporting of Myntra-Jabong head Amar Nagaram

Grofers raises fresh funds from existing investors, valuation hits $425M

Sachin Bansal invests Rs 250 Cr each in NBFCs Altico & IndoStar: Report

I-bank Wolet files $800k suit over Flipkart’s Upstream buy

Flipkart FY18 revenue up 50%, but losses grow 5x

Pine Labs in talks to acquire Amazon-backed Qwikcilver for $100M

India can become 2nd largest 5G market in 10 years: Huawei

Alibaba rival Pinduoduo seeks to raise $1.5B

Twitter Q4 revenue grows to $909M as video ad sales surge

Mukesh Ambani to invest $1.4B in West Bengal, will help e-commerce expansion

Etail may lose Rs 40,000 crore, retail to get a 3rd of it

Steadview Capital invests $74M in Ola valuing it at around $6B

Byju’s ups revenue to Rs 490 cr in FY 18, losses drop by half

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities