The acquisition consolidates Yaydoo’s position as the largest B2B payments solution provider in the Latin-American market.
The acquisition comes about because of the complementary potential of the two companies’ solutions, facilitating integration with different accounting systems and ERPs. The combined solution allows payments and collections to be made through various leading financial management software, such as CONTPAQi – all through Yaydoo’s centralized platform.
The combined organization will leverage Oyster’s integrations and functionalities to expand its distribution channels and customer reach into SMBs, thereby reducing the financial inclusion gap for more companies, by unlocking a wide range of affordable solutions that meet their respective budgets.
Oyster Financial was founded in 2018 by Vilash Poovala and Gabriel León with the purpose of providing the best technological tools for businesses to achieve their growth. Since then, Oyster has enabled Mexican SMEs to collect and receive payments within 24 hours and have gained 67,000 customers in only 2 years. In 2021, Oyster launched its payment links product, which allows businesses to have a solution that can be integrated with other accounting and administrative software systems. This allows businesses to automate all customer relationship management (CRM), enterprise resource planning (ERP), inventory monitoring, logistics and accounting systems.
This acquisition is part of a wider market consolidation in B2B payments. Yaydoo itself was recently acquired by Paystand, the largest blockchain-enabled B2B payments network, propelling the combined company to the list of fintech unicorns in the Americas.
With its acquisition of the Mexico-based Yaydoo, Paystand has attained unicorn status and is the largest B2B receivables, payables and payments network running on a commercial blockchain. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue.
Yaydoo creates and distributes financial automation technologies that help companies accelerate their B2B payments using software focused on business procurement, expense management, accounts payable and accounts receivable processes.
Oyster Financial is a financial technology company focused on creating a new finance system for entrepreneurs, small and medium-sized businesses in Mexico to easily obtain a business bank account as well as a debit card in days, not months or even years.