Malaysia’s fintech startup MoneyMatch raises pre-Series A investment

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.

Also Read:

Malaysia: MoneyMatch raises $150k seed from Australia’s Kosciuszko for forex platform

Malaysia: Bank Negara approves four fintech firms to operate within ‘regulatory sandbox’ 

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.