Malaysia’s fintech startup MoneyMatch on Tuesday announced that it has raised an undisclosed amount in pre-Series A funding led by Cradle Seed Ventures, the VC arm of Malaysia’s early stage financier Cradle Fund.
The fundraising coincided with MoneyMatch receiving in-principle approval for a Class B remittance license from Bank Negara Malaysia (BNM) to offer digital remittance services to businesses and individuals.
MoneyMatch was part of the first batch of participants in BNM’s Regulatory Sandbox back in May 2017 and is vying to become the first fintech startup to successfully graduate from the Sandbox by the middle of this year.
It also was the first startup approved by BNM’s Financial Technology Enabler Group (FTEG) to offer a complete digital experience from customer onboarding (eKYC) to executing transactions online.
MoneyMatch claims that it has crossed over 450 million ringgit in transaction value servicing thousands of individuals and business customers since beginning operations in June 2017.
The fintech startup said it is looking to raise more investments to fund its aggressive expansion in the Asia Pacific region.
Established in 2017, MoneyMatch provides a remittance and currency exchange solution for cheaper currency exchange. It boasts over 10,000 users on its proprietary platform.