This is not Kresna’s first investment in the fintech company. In November 2017, Kresna and one of its portfolio companies, e-kiosk startup M Cash Integrasi, acquired 29.82 per cent stake (14.81 per cent each) in MatchMove’s Indonesia operations.
Kresna declined to disclose the size of the latest investment. It said that the deal will be finalized in the second quarter of this year.
MatchMove Pay provides enterprise payment and banking solutions through the use of its customizable cloud-based platforms. It offers MatchMove Wallet, an electronic wallet that enables its users to apply and keep track of multiple virtual cards for online shopping.
Kresna President Director Michael Steven believes payment issues are one of the factors holding back e-commerce growth in Indonesia given the high percentage of the unbanked population. The partnership with MatchMove Pay, he says, would offer a solution to the problem.
“We see that with the state-of-the-art MMP technology, KREN may facilitate a digital transformation through ease of access in payments. Through this synergy, both KREN and MMP will be exposed to larger domestic and international markets, expanding cashless payments in both developed and developing markets while strengthening financial inclusion and boosting digital economy growth,” he said.
MatchMove Pay has worked with more than 50 enterprises across SE Asia, India, Australia and Latin America in the last two years, with demands coming from various sectors including banking, e-commerce, airlines, insurance, real estate and education.
MatchMove CEO Shailesh Naik said the company intends to establish Indonesia as a local base for product development and service delivery, projecting for export to a wider South East Asian market.
“Furthermore, MMP intends to expand its R&D capability from Singapore and India to Indonesia, especially in the areas of data analytics and artificial intelligence, thus ensuring that advanced intellectual property (IP) is also developed here,” he said.
Founded in 1999, Kresna started out with asset management and securities as its core business before venturing into digital and technology in 2015. Last year, Kresna took subsidiary M Cash to IPO and said it will push three more of its subsidiaries to also go public.