Malaysian fintech startup MoneyMatch has secured a $150,000 seed funding from Kosciuszko Holdings to roll out their currency exchange platform that focuses on community building among consumers.
Set to disrupt the outdated system of currency exchange in Asia, the company’s latest offering – MoneyMatch Exchange – will match those who want change one currency in exchange for another currency, without needing an intermediary.
Its platform, designed to democratise foreign exchange (forex), is the world’s first community money changing platform, the company said in a statement.
Kosciuszko Holdings’ direct investment in MoneyMatch is to accelerate the development of their blockchain-enabled platform.
“I’ve come across many financial technology startups here in Southeast Asia who have pitched to me for investments – but I have yet to find a startup like MoneyMatch,” Damien Santer, Kosciuszko founder said.
“They’ve got such a rich wealth of experience in the co-founding team – ranging from Rocket Internet to Goldman Sachs, so it was an easy decision for me to place my trust in them.”
Currently launched on Android, user are able to match deals, provide rates and exchange details with other user within the app itself.
“The app uses real-time exchange rates, pulled directly off current global forex rates, negating the buy/sell rate system traditional money changers use – letting users save up to 10 per cent per transaction,” MoneyMatch explained.
Co-founder Naysan Munusamy said the team designed MoneyMatch with the aim of getting rid of all the fees and commissions that are taken out of everyday customers.
“Our primary mission here at MoneyMatch is helping give money back to the average citizen through cost savings of up to 10 per cent when dealing via our peer-to-peer platform,” he said.
This, however, is only one of MoneyMatch’s products. The fintech company also looks at disrupting other forms of traditional financial services to increase convenience for consumers and reduce the cost of transactions.
The company’s other service, MoneyMatch Travel is available as a web application. The service is a free and easy to use travel information website which provides users with relevant data on how much to budget when travelling overseas and how much their home currency is currently worth against other countries.
In the pipeline, the company is also looking to launch MoneyMatch Transfer, a digital peer-to-peer communications platform for currency exchange which will enable users to electronically transfer currencies within bank accounts in different countries built using the consensual-based blockchain technology.
MoneyMatch is formed by former Rocket Internet Singapore assistant vice president Fazil Fuad, and Munusamy, a former executive director at Goldman Sachs in Hong Kong.
MoneyMatch was accepted into CyberView’s Living Lab Accelerator, working under tech accelerator Watchtower and Friends (WTF) in January 2015.