HBSS Connect Acquires Colu

Massachusetts-based HBSS Connect has acquired Israeli blockchain startup Colu, according to Investing.com.

The acquisition opens new avenues for merging the traditional transportation market with an expanding blockchain-based payment system. HBSS Connect oversees the QRyde transportation platform.

Founded in 2014, Colu launched its digital wallet app in early 2017, now serving over 200,000 users in cities like Tel Aviv, Haifa, East London, and Liverpool, with transactions across 2,000 local businesses.

Colu has secured significant investments from firms such as IDB Development Corporation and Aleph, gaining international recognition for its blockchain technology.

The merger with HBSS Connect is expected to accelerate global technology deployment.

This acquisition will support QRyde in developing a blockchain-based transportation system, enhancing municipal government spending efficiency. HBSS Connect plans to leverage web3 technology to connect transportation systems with local economies.

QRyde’s platform currently serves over 250 customers across 35 states and 9,700 cities, focusing on linking people to essential services.

CEO Himanshu Bhatnagar regards this investment in Colu as the first step in a long-term discovery process. He anticipates quick results, stating, “We are pleased to have Colu joining our QRyde team. Colu is the perfect partner for our blockchain vision in the mobility sector, contributing to urban renewal and smart city initiatives, enhancing the accessibility of transportation for all citizens.”

Founded by Bhatnagar, QRyde offers shared ride scheduling, ride booking, cost-sharing, and bidding management services primarily to educational, healthcare, and public transit sectors.

Under HBSS Connect, QRyde uses mobile scheduling, automated dispatching, and AI-based route optimization to enhance service efficiency and cost-effectiveness.

Ortal Tevel, CEO of Colu, remarked, “By combining Colu’s aim of thriving cities with QRyde’s transportation platform, we can better serve underpaid communities, connecting them to job centers and commerce.”

Colu has substantial experience in implementing digital reward schemes to engage residents and boost local economies, collaborating with U.S. municipalities like Akron, Boston, Houston, and Saline County. Through QRyde, Colu plans to broaden its program to encompass a range of essential services.