Emida Buys San Diego-based Quippi and Its Gift Card Business

(October 6th, Xconomy) – Emida, an Orange County company that specializes in serving the global prepayment industry, said today it is acquiring Quippi, a San Diego startup that offers pre-paid gift cards in Mexico as a no-fee alternative to international money transfers.

Financial terms of the deal were not disclosed. Quippi founder Michael Aleles declined to even tell me how many employees Quippi has today (less than 10, according to LinkedIn; eight, according to CrunchBase), saying he is bound by a confidentiality agreement with Emida.

Quippi has raised at least $3 million since it was founded in 2012, including $2.2 million in a Series A round from San Diego-based Avalon Ventures and Accion, the New York microfinance lender.

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