U.S. payments company Wibmo is acquiring India-based Mypoolin, and plans to explore the B2B payments industry as a result.
Reports in the Economic Times of India on Wednesday (March 14) said the companies, which have a mutual investor in Accel Partners, have focused mainly on consumer payments. Wibmo enables payment authentication services for eCommerce transactions as well as mobile payments, bill payments, recharge and payment gateway solutions, reports said.
Mypoolin, meanwhile, focuses on peer-to-peer payments with its Unified Payments Interface (UPI). The company links its services to retailers and merchants, enables them to send and receive money directly, and similarly offers bill payment solutions.
“Mypoolin is a very strong technology company in the bank account-based payment space in India,” said Wibmo CEO Govind Setlur in a statement. “With UPO and Aadhaar-based market leading solutions in this rapidly growing segment, Mypoolin expands our offering in consumer payments and opens up some very exciting opportunities."
Despite their focuses in consumer and P2P payments, the companies also said the acquisition will enable them to explore corporate payments.
“We will also look to have a large focus on B2B payments through the acquisition,” said Mypoolin cofounder Ankit Singh in another statement.
Financial details of the takeover were not revealed.
In 2016, Wibmo announced the launch of Wibmo One Step, an authentication solution that enables an integration of payments data, personal credentials and validation solutions on a consumer's device for easier authentication and payments.
Last month, Cortex MPC announced it would be acquired by Uphold, combining their authentication and payments security features with a focus on blockchain and tokenization. That deal follows Uphold's $57.5 million partnership with former Ripple executive Greg Kidd to enhance its connection to financial systems.