Yaydoo Buys Oyster to Scale B2B Payments Solutions Across LatAm

B2B solutions provider Yaydoo has acquired payments solution Oyster Financial in a move that it said boosts its position as a B2B payments solution provider in the Latin America (LATAM) market.

The acquisition adds Oyster’s financial services for freelancers and small to medium-sized businesses (SMBs) in the LATAM region to Yaydoo’s accounts receivable (AR), accounts payable (AP) and enterprise procurement tools, the companies said Tuesday (Oct. 25) in a press release.

“This acquisition consolidates our leadership in business payments and accelerates our growth, enabling many thousands of companies to collect and pay through the software they already use to run their operations,” Yaydoo CEO and Co-Founder Sergio Almaguer said in the release. “We are confident that Oyster’s technology and [Oyster Co-Founder Vilash Poovala’s] expertise will enable us to scale our solutions to achieve the impact we are looking for across the Americas.”

Poovala, the CEO of Oyster, will become chief technology officer (CTO) of Yaydoo, according to the press release.

In the time since Poovala and Gabriel León founded Oyster in 2018, the company has grown its customer base to include 67,000 Mexican SMBs, the release stated.

Together, Yaydoo and Oyster will provide a combined solution that allows users of leading financial management software packages to make payments and collections through Yaydoo’s centralized platform, according to the release.

“By merging with Yaydoo we will be able to focus on addressing platforms that already serve many of these SMBs that are part of our target segment,” Poovala said in the release.

This news comes about two months after Yaydoo itself was acquired by blockchain-enabled B2B payments network Paystand.

Paystand CEO Jeremy Almond said in the Tuesday press release: “For Paystand and Yaydoo, adding Oyster is just the beginning of a shared journey of market growth that begins in the United States and Mexico, and positions our combined company as the fastest growing B2B payments network on the continent.”