Californian fintech Paystand, devoted to making B2B payments easier, announced today the acquisition of Mexican startup Yaydoo. With the deal, Paystand -which has accumulated US$98 million in funding- claims to have reached a valuation of over US$1 billion, that is, over the threshold to be considered a unicorn. However, it did not disclose the exact valuation.
Axios broke the news yesterday, noting that it illustrated the growing appetite for U.S. fintech companies to expand abroad. It also stressed that together these two companies serve 500,000 customers.
Mexico City-based fintech Yaydoo, also focused on streamlining business-to-business payments, had raised US$20 million in its Series A a year ago.
Paystand announced that both companies will continue to operate independently, each with their current CEOs and focused on their markets. In Mexico, Yaydoo also broke the news, but without talking about an acquisition by Paystand. Instead, they announced a “merger” between the two companies.