Published By : 14 Mar 2018 | Published By : QYRESEARCH
Wibmo, a U.S.-based payments solution company, has recently acquired Mypoolin, an Indian peer-to-peer (P2P) payments firm in a cash-and-stock deal in a bid to create apps around the emergent United Payment Interface (UPI). Earlier, Mypoolin had secured funds from Accel Partners, which also supports Wibmo, as part of the QPrize by the Indian government in 2015, together with Qualcomm Ventures, gaining a convertible investment of US$250,000. Initially, it was supported by angel investors Sharad Sharma and Rajan Anadan, amongst others.
Previously, Accel Partners had invested in Series-A round of Wibmo in 2009, when the California-based enterprise was called enStage. Post-acquisition, Mypoolin will operate as an Indian subsidiary of Wibmo. Govind Setlur, SEO at Wibmo stated that Mypoolin is an extremely robust technology company in the Indian space, which is more depended on bank account-based payment. “With Aadhaar and UPI-based market solutions are leading in this rapidly rising segment, Mypoolin increases the company’s offering in consumer payments and opens up several exciting opportunities,” he added.
Wibmo provides E-commerce authentication services, payment gateways, online mobile payments, and bill payment and recharge-related services. Mypoolin has created several P2P payment features around UPI. Wibmo’s Bengaluru office will be the new work site for its 10-member team. Ankit Singh, the co-founder of Mypoolin, stated that the company will also focus more on business to business (B2B) payments from now onwards.