US-based digital payments company Wibmo has acquired a Gurgaon-based payments technology startup Mypoolin for an undisclosed cash and stock deal. This Livemint report pegs the value of the transaction at $1 million.

Mypoolin will continue to operate as an Indian subsidiary of Wibmo, the startup said in a statement. The same Livemint report says the founders will join Wibmo’s India office, which is in Bangalore.

Wibmo’s founder and CEO, Govind Setlur said that the acquisition will allow Wibmo to expand its consumer payments solutions in India, and to explore other opportunities. The California-based company largely provides B2B payment solutions, along with consumer payment services.

Started in 2015, Mypoolin provides payment solution to retailers and allow bank-to-bank money transfer to its users, and it also allows users/ individuals to split and settle bills using Mypoolin’s platform. MyPoolin also lets users pay for gift cards, travel, movies, parties, events, party fundraising or community initiatives in a group, and claims to have partnerships with Paytm, HDFC’s Payzap, UPI, VISA and Mobikwik.

The startup has been backed by Accel Partners, Qualcomm Ventures, Investopad and prominent angel investors like Rajan Anandan, Sharad Sharma, Sunil Kalra and more. In August 2015, MyPoolin bagged funding of $250,000 from Qualcomm Ventures and Accel Partners. It had won the fifth edition of QPrize, the early stage investment competition of Qualcomm Ventures.

Competition

In consumer-focused payment solution, the company may face competition with the likes of Paytm. Moreover, since banks themselves have started offering mobile-based payment solutions, the company might have to up its game in the country.