Singapore-headquartered fintech agency MatchMove has entered into an settlement to accumulate a strategic stake in e-commerce options supplier Shopmatic, in accordance with an announcement.
Monetary particulars of the acquisition weren’t disclosed.
With the funding, MatchMove will have the ability to lengthen its ‘banking-as-a-service’ pockets functionality to Shopmatic’s ecosystem spanning over 435,000 e-commerce SMEs and particular person entrepreneurs throughout the area.
Shopmatic, based in December 2014, claims to assist enterprise homeowners enhance their gross sales by accessing new markets by on-line channels, level of sale options.
“We are going to leverage the MatchMove attain and community to originate new clients in addition to speed up our platform development throughout the area. With this partnership with MatchMove we will seamlessly combine iFinancial choices and supply our clients with wealthy banking-in-an-app expertise that MatchMove provides,” stated Anurag Avula, co-founder and CEO at Shopmatic.
Shopmatic, headquartered in Singapore, at the moment has a presence in India, Hong Kong, China, Malaysia, Philippines and UAE. The corporate plans to broaden to the remainder of Southeast Asia this 12 months.
It has raised S$20 million up to now with August One and SEEDS Capital, amongst others, being its backers.
Final October, the corporate made headlines when it acquired native software program as a service (SaaS) firm CombineSell. Earlier, it introduced its merger with retail administration options supplier Octopus.
MatchMove is licensed by the Financial Authority of Singapore and licensed by main card networks to concern digital and bodily playing cards on to customers in accepted jurisdictions, or wherever else on the earth with associate banks.
Lately, MatchMove has cast a partnership with homegrown finance firm Singapura Finance Ltd. and two others to use for a digital banking license within the city-state.
Final September, MatchMove acquired a strategic stake in East Ventures-backed peer-to-peer lending platform MoolahSense.