US-headquartered payments solution company Wibmo has acquired Gurgaon-based peer-to-peer (P2P) payments company Mypoolin in a cash-and-stock deal with an aim to build apps around the growing United Payment Interface (UPI).Mypoolin had earlier secured funds from Accel Partners, which backs Wibmo, as part of the Indian government’s QPrize in 2015, along with Qualcomm Ventures, getting a convertible investment of $250,000. It was initially backed by angel investors Rajan Anadan and Sharad Sharma, among others.
Accel Partners had invested in Wibmo’s Series-A round in 2009, when the California-based company was called enStage. Mypoolin will now operate as an Indian subsidiary of Wibmo.
“Mypoolin is a very strong technology company in the bank account-based payment space in India. With UPI 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,” Wibmo CEO Govind Setlur said.
Wibmo offers e-commerce authentication services, online mobile payments, payment gateways, and recharge and bill payment services.
Mypoolin has built P2P payment features around UPI. Its 10-member team will now work from Wibmo’s Bengaluru office. “We will also look to have a large focus on B2B (business-to-business) payments through the acquisition,” said Ankit Singh, co-founder of Mypoolin.