OboPay acquires consumer-tech firm Mubble

OboPay, the global financial technology company based out of Bengaluru, on Monday announced the acquisition of consumer technology company Mubble.

According to OboPay officials, the acquisition is a part of company’s long term strategy to aggressively strengthen and enhance its data analytics capabilities and mobile app expertise.

OboPay, which provides enterprise solutions for telcos, BFSIs and companies with a dominant supply chain focus, finds Accel Partners and Nandan Nilekani backed Mubble's capability to track prepaid mobile users telecom spends and data usage a right fit.

Speaking about the acquisition, OboPay CEO Shailendra Naidu said the strategic acquisition of Mubble is a significant step in strengthening the company'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," said Naidu.

He further added that the Mubble platform is ingrained with two fundamental applications. "One is it provides personalised content in a social context and a utility application built on a smart recommendation framework.

Post the acquisition, Mubble co-founder and CEO Ashwin Ramaswamy will be joining OboPay.

Commenting on the acquisition, Ramaswamy 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 and an entry into the payments space. "In OboPay, we see a dream fit towards this vision of ours," he said.

Present in four out of top five mobile money markets across the globe and having powered over 11% of global mobile money transactions with zero fraud cases, OboPay has registered a great growth story for itself by scaling up its product portfolio, business solutions and services. The company secured last year end the licence for Prepaid Payment Instrument from the RBI to operate a semi-closed wallet in India.

Mubble, which is a consumer technology company, has been built on a strong underlying data and analytics framework. The company is powered by a cloud based analytics framework and has over 10 million + users. The platform provides personalized content and recharge recommendations to its users in real-time.