Contxto – You know what they say, “personal is the new black.”
Proving this, Yonder Media Mobile recently acquired Weex Mobile, the startup offering customized mobile services in Mexico.
Weex is a Mobile Virtual Network Operator (MVNO) offering carrier and data services in Mexico. It aims to substitute pre-determined, fixed packages that traditional telecom companies offer for a personalized, more flexible alternative.
Data, megs, messages and minutes can now fit your needs and wants through its prepaid alternative.
Yonder Media Mobile is a telecom company based in New York integrating location-aware web and mobile experiences to support media and connectivity. The U.S. company acquired the Mexican startup in hopes of entering the regional market even more smoothly.
To fortify premium and localized content for mobile users around the world, Yonder will leverage Weex’s existing user base to grow as well as solidify operations in Mexico.
“We have developed a thriving ecosystem of users who are hungry for more experiences and entertainment,” said John Cooper, Weex Mobile CEO.
“With the acquisition, leveraging our local expertise and Yonder Media Mobile’s technology and content creation know-how, I believe we will build the future of mobile in this country. I am delighted and looked forward to our future together.”
After some exploration within the App Store, I found some surprises. Not only does Weex have telecom business but a Weex wallet as well.
According to the press release, the startup will preserve its wallet product. The only difference is that Weex will rebrand and relaunch it as a separate entity. To be fair, Weex actually designed the second product with the same mindset: personalization.
Back in 2017, the company reached 100,000 users, for which it created the wallet based on its unique consumer insights.
Seems like Weex’s newest competitors aren’t telecom companies but challenger banks.
Through this acquisition, Weex has parted ways with former investor ALLVP. The VC firm first invested back in 2016, as well as the following year.
“This business unit exit cannot be more than timely,” said Federico Antoni, managing partner of ALLVP, one of Weex Mobile’s earliest investors along with Coca Cola.
“Weex Wallet is the leading independent payment wallet in the country, and the spin-off will allow the Weex Wallet business to focus solely on expanding its fintech offerings in the largely underserved market.”
So far, nobody has disclosed the terms and amounts for the operation, and the fund declined to comment. However, I’m still on the search for more info.