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Bangalore-based OBOPAY, the global financial technology company providing enterprise solutions for Telcos, BFSIs and companies with a dominant supply chain focus, today announced that the company has acquired the consumer technology firm, Mubble, which is backed by Accel Partners and Nandan Nilekani. The acquisition is a part of Obopay’s long term strategy to aggressively strengthen and enhance its data analytics capabilities and mobile app expertise. Post the acquisition, Ashwin Ramaswamy, co-founder and CEO of Mubble, will be joining OBOPAY.
Speaking about the acquisition, Shailendra Naidu, CEO, OBOPAY, said, “The strategic acquisition of Mubble is a significant step in strengthening OBOPAY’s service offerings in Indian and international markets. Together with OBOPAY’s technical edge and Mubble’s value additions in consumer class applications, we would create products and solutions that will bring about measurable and sustainable difference to our customers. The recommendation algorithms and data analytics capabilities of Mubble will significantly boost our services in all the markets where we operate.”
He further added, “The Mubble platform is ingrained with two fundamental applications – one which provides personalized content in a social context and a utility application built on a smart recommendation framework. These are two broader synergy areas that OBOPAY intends to capitalize through this acquisition.”
Ashwin Ramaswamy, Co-founder and CEO, Mubble, said, “Mubble has always believed in the power of leveraging the data streams from high frequency consumer use-cases, be it recharge transactions or news consumption; as an entry into the payments space. In OBOPAY, we see a dream fit towards this vision of ours.”
Present in four out of top five mobile money markets across the globe and having powered over eleven percent of global mobile money transactions with zero fraud cases, OBOPAY has etched a great growth story for itself by scaling up its product portfolio, business solutions and services. The Mubble acquisition will further elevate the growth curve for OBOPAY with its personalized offerings for digital natives.