SG’s fintech startup MatchMove to buy strategic stake in Shopmatic

MatchMove at the Singapore Fintech Festival. Photo: MatchMove

Singapore-headquartered fintech firm MatchMove has entered into an agreement to acquire a strategic stake in e-commerce solutions provider Shopmatic, according to an announcement.

Financial details of the acquisition were not disclosed.

With the investment, MatchMove will be able to extend its ‘banking-as-a-service’ wallet capability to Shopmatic’s ecosystem spanning over 435,000 e-commerce SMEs and individual entrepreneurs across the region.

Shopmatic, founded in December 2014, claims to help business owners increase their sales by accessing new markets through online channels, point of sale solutions.

“We will leverage the MatchMove reach and network to originate new customers as well as accelerate our platform growth across the region. With this partnership with MatchMove we can seamlessly integrate iFinancial offerings and provide our customers with rich banking-in-an-app experience that MatchMove offers,” said Anurag Avula, co-founder and CEO at Shopmatic.

Shopmatic, headquartered in Singapore, currently has a presence in India, Hong Kong, China, Malaysia, Philippines and UAE. The company plans to expand to the rest of Southeast Asia this year.

It has raised S$20 million to date with August One and SEEDS Capital, among others, being its backers.

Last October, the company made headlines when it acquired local software as a service (SaaS) company CombineSell. Earlier, it announced its merger with retail management solutions provider Octopus.

MatchMove is licensed by the Monetary Authority of Singapore and authorized by leading card networks to issue virtual and physical cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks.

Recently, MatchMove has forged a partnership with homegrown finance company Singapura Finance Ltd. and two others to apply for a digital banking license in the city-state.

Last September, MatchMove acquired a strategic stake in East Ventures-backed peer-to-peer lending platform MoolahSense.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.