HBSS Connect Acquires Blockchain Startup Colu

Massachusetts-based HBSS Connect has successfully acquired the Israeli blockchain startup Colu, providing new avenues for integrating traditional transportation with an evolving blockchain-based payment system. HBSS Connect is known for its transportation platform, QRyde.

Colu has been a key player in the blockchain sector since its inception in 2014. The company launched its digital wallet application in early 2017, which is now active in cities such as Tel Aviv, Haifa, East London, and Liverpool. It serves over 200,000 users and facilitates transactions for approximately 2,000 local businesses.

The startup has attracted significant investments from notable firms and its blockchain technology has received global recognition. The merger with HBSS Connect is poised to accelerate the advancement and implementation of these technologies worldwide.

The acquisition is expected to bolster QRyde’s initiative to build a blockchain-based transportation system that promotes efficient municipal spending. HBSS Connect plans to utilize web3 technology to enhance the integration of transportation systems with local economies.

QRyde’s platform currently caters to over 250 clients across 35 states and more than 9,700 cities, focusing on connecting communities with essential services.

HBSS CEO Himanshu Bhatnagar described the investment in Colu as the beginning of a promising journey, which he anticipates will yield results shortly. He expressed enthusiasm about Colu joining the QRyde team, viewing them as an ideal partner for executing a vision that leverages blockchain technology in the mobility sector. This initiative aims to enhance urban renewal and smart city initiatives and make the transportation ecosystem more reliable and accessible to all citizens, especially the elderly and those with mobility challenges.

Bhatnagar originally founded QRyde as a platform for shared ride scheduling, providing ride booking, cost-sharing, and bidding management services to educational institutions, healthcare providers, and public transit agencies nationwide. Operating under HBSS Connect, QRyde utilizes technologies such as mobile scheduling, automated dispatching, and AI-driven route optimization to enhance service delivery for these organizations.

Ortal Tevel, CEO of Colu, emphasized that by merging Colu’s vision of fostering thriving cities with QRyde’s advanced transportation platform, they can better support underprivileged communities, enabling transport to job centers and commercial areas.

Colu has extensive experience in implementing digital reward programs that engage residents and bolster local economies. It has worked with various municipalities across the United States, including Akron, Boston, Houston, and Saline County. Through the partnership with QRyde, Colu aims to expand its initiatives to cover a broader range of essential services.