PYMNTS AM Radar: MatchMove Buys Shopmatic, Hospitality in Virtual Kitchens

Today is May 23. It’s Victoria Day in Canada. A holiday originally meant to mark the birthday of Queen Victoria, it now serves as a celebration of the country’s sovereign and — like Memorial Day in the U.S. — the unofficial launch of Canada’s summer. Here’s what else should be on your radar this morning.

MatchMove’s $200M Move: Singapore-based MatchMove has purchased eCommerce startup Shopmatic, also from Singapore, for $200 million, in the latest example of how much the southeast Asian startup ecosystem has been consolidating. The combined entity will be known as the MatchMove Group and will target revenues of $400 million and four million customers in more than 15 countries by 2026, including India. READ MORE

Tranch Raises $4.2M: U.K.-based BNPL platform Tranch has raised $4.25 million in pre-seed equity and debt funding, money the company says it will use to expand its team, add new supplies as it prepares to enter the U.S. market. Tranch offers buy now, pay later services to companies to help them save on annual Software-as-Service (SaaS) contracts. READ MORE

Virtual Kitchens, Real Relationships: With the rise of digital ordering, it can be tough for brands to forge the relationships they had when diners visited their dining rooms. Geoff Alexander, CEO of restaurant brand Wow Bao, discussed this challenge with PYMNTS’ Karen Webster: “The most important thing in the virtual restaurant space is trust, and now you don’t know where your food’s coming from, so you’ve lost that connection or that trust.” READ MORE

Opening Banking in the UK: The launch of open banking in the U.K. has faced ongoing criticism from industry players who worry about things like the risk of exposing consumer data and a lack of common standards. Speaking to PYMNTS, Tom Greenwood, CEO at U.K.-based open payments gateway Volt, argues there have been major improvements to the system after an admittedly rocky beginning. READ MORE

ICYMI: Financial issues may have put a roadblock in department store chain Kohl’s plans to find a buyer. According to news reports this weekend, the deal cannot get financing in the range of $60 per share, while lenders have said they lost confidence in the company after its Q1 results. Still, no one has yet walked away from the deal. READ MORE