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.