M Cash & Kresna acquire 29% in MatchMove Indonesia, prepare it for 2018 listing

E-kiosk and digital solutions provider M Cash Integrasi (MCI) and its backer Kresna Graha Investama have acquired a total of 29.82 per cent stake ( 14.81 per cent each) in MatchMove Indonesia, Singapore-based fintech startup’s regional unit. No other financial terms were disclosed.

Managing director at Kresna, Suryandy Jahja, said that Kresna is ready to inject “a few million US dollars if needed” into the joint venture. The group is also planning to list MatchMove Indonesia on the local bourse, through an initial public offering (IPO) next year.

“We want MatchMove Indonesia to follow in MCI’s footsteps and go public. We are aiming for the third quarter of 2018,” Jahja told DEALSTREETASIA.

Backed by VC firm Vickers Venture Partners, MatchMove offers end-to-end enterprise payments solutions that help businesses run mobile wallet features on its platform.

Its services includes P2P transfer, remittance, top up channels, virtual payment cards, loyalty points and rewards. Its Banking OS enables any app to deliver Spend, Send, Lend capabilities to all its users, without ever going to a bank branch.

MatchMove CEO Shailesh Naik commented: “We are ready to deliver international open loop capabilities into the Indonesian digital wallet space, along with card issuance and e-KYC (electronic Know-Your-Customer) capabilities to MCAS digital kiosks.  This will bring us one step closer in our mission to provide financial services to Indonesia’s unbanked population.”

In the statement, the company said, the partnership will enrich the MatchMove digital cash platform through Kresna’s and MCI’s reach and capability in the Indonesian digital economy. MatchMove also intends to leverage MCI’s digital distribution networks across the nation.

MCI President Director Martin Suharlie pointed out that the collaboration will allow MCI to directly tap into customer loyalty businesses by providing points of exchange for point and reward programs. What’s more, MCI will have access to potential customers deriving from MatchMove Indonesia’s members and banking partners.

“MCI will also act as the enabler of the MatchMove Indonesia platform by providing use cases to MMI users. Through the convenience of MCI, MatchMove Indonesia users can now enjoy a seamless digital product shopping experience,” Suharlie said.

MCI can generate any physical cards, including mobile SIM and e-money, with automatic registration. It also provides other services such as phone credit top-up, routine bill payment, mall directory, advertisement (co-branding), voucher and promotions, flash sales points, e-commerce transactions and other digital products.

It debuted on the Indonesian Stock Exchange (IDX) on November 1 – becoming the second ever digital startup to do so in Indonesia – with shares jumping 685 points or about 50 per cent at the opening of trade. The startup’s $22-million IPO was reportedly oversubscribed by 10.69 times, while pooling for retail investors was oversubscribed by 69.5 times.

Also Read:

Vickers Venture hits $63.5m first close for Fund V, confident of beating $250m target

Exclusive: Go-Jek said to have acquired majority stake in payments firm Kartuku

Indonesia: Alodokter closes $9m round led by SoftBank Korea

Exclusive: Go-Jek eyeing payment gateway Midtrans