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The financial infrastructure firm, Oyster, was acquired by the Mexican platform specialized in financial management, Yaydoo, which in previous months had also announced the purchase of the startup Paystand, a transaction that gave rise to a new B2B Fintech unicorn and the first derived from the union of a company from the United States and Mexico. Following the acquisition, Poovala will become part of Yaydoo as chief technology officer. In a statement, Poovala said that with the merger they hope to improve their service to small and medium-sized companies that require financial services.
"We probably know payments better than any other firm in Mexico. From the beginning, we have worked on building the best payments infrastructure where businesses feel supported to send and collect their money. In other words, we have always wanted to make it easy to acquire commercial payments," said Poovala.
