Melbourne-based payments, loyalty and budgeting platform Yondr Money has acquired Australian nano-gifting app Shouta for an undisclosed sum, in a move expected to lift the personalised financial experience of its offering while tapping into a new user base of 44,000 individuals and more than 250 businesses.
As the name implies, with Shouta it's the user's shout on small gifts like "coffee, drinks or anything else", redeemable instantly via a digital Shouta Mastercard sent straight to the recipient's phone. Led by co-founders Carly Shamgar and Nick Redwood, the app was launched in December 2020.
Co-founded in 2017 by Shane Chanel and former ANZ CEO Mike Smith with an aim of simplifying financial management and saving users from hidden fees, Yondr Money was launched in 2022 and has grown rapidly to process millions of dollars worth of transactions.
"This acquisition marks a pivotal moment for both companies. By combining Shouta's innovative gifting technology with our existing financial management solutions, we unlock a world of possibilities. Together, we'll create even more seamless, engaging, and rewarding experiences for businesses and individuals across Australia," says Chanel, Yondr Money's CEO.
"Accessing Shouta's distinctive gifting features will transform the way our customers engage with financial services, introducing a level of personalisation and enjoyment that stands out in this industry."
The acquisition comes around a month after Yondr was granted an Australian Financial Services Licence (AFSL) by the Australian Securities and Investments Commission (ASIC), which the company described as a "major leap" in its ability to provide innovative financial solutions.
"Securing the AFSL empowers us to further our vision of making financial services more efficient and accessible," Chanel said at the time.
"This licence propels us forward, giving us the freedom to innovate and expand our offerings at an unprecedented pace.
"We’re excited about the possibilities this opens up for both Yondr and our customers."
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support