A $100 million funding announced by Singapore-based fintech firm MatchMove in June this year comprises an $80 million in-kind contribution and $20 million cash, it said on Wednesday.
MatchMove, which provides the infrastructure to embed payments, remittance and lending technology into websites and mobile apps, said the funding from US-headquartered Nityo Infotech had been approved by the Monetary Authority of Singapore.
DealStreetAsia had in August written about the cash and in-kind components of the MatchMove-Nityo deal.
Nityo made the investment in MatchMove through its corporate venture capital arm, KFC Ventures. The deal makes the tech firm a significant minority stakeholder in MatchMove.
DealStreetAsia reviewed the fintech firm’s latest regulatory filings to reveal the details of the agreement between the companies.
According to a filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), MatchMove allocated over 66 million Series C shares to KFC Ventures last week. An agreement between the two companies stipulates a total consideration of $99.8 million, which is to be paid over a period of time.
The $20 million cash component, which will be disbursed in tranches on a quarterly basis, will be used entirely by MatchMove to meet its quarterly expenses. The quarterly payments will continue until one of four conditions — these include MatchMove raising at least $50 million in equity/debt or securing an exit — is met.
All else outstanding will be paid in kind by means of services procured or rendered by KFC Ventures. These include technology services, specialist personnel, cost synergies and enhanced sales and distribution, MatchMove stated on Wednesday.
A separate ACRA filing showed that MatchMove received $1.5 million in equity funding from KFC Ventures last week. This is the first capital infusion by Nityo or its affiliate since the round was announced in June.