FinTech firm MatchMove has struck a deal to acquire a “strategic stake” in eCommerce solutions company Shopmatic, according to reports. Financial details of the acquisition were not disclosed.
Singapore-based ShopMatic said the new partnership aims to gain new customers and boost its growth.
With the investment, MatchMove, which is also based in Singapore, will be able to extend its “banking-as-a-service” wallet capability to Shopmatic’s ecosystem spanning over 435,000 eCommerce small and medium-sized businesses (SMBs) and individual entrepreneurs across the region. Shopmatic said it helps business owners increase their sales by accessing new markets through online channels and point-of-sale solutions.
MatchMove’s LightSpeed solution won top honors in the category “Best Payments Innovation of the Year” in the 4th Payments and Cards Awards 2019 held in Mumbai, India. MatchMove said LightSpeed is a “powerful, out-of-the-box solution, which enables you to launch your own branded payments platform within minutes.”
Shopmatic said in an announcement that it would “leverage the MatchMove reach and network to originate new customers as well as accelerate our platform growth across the region.” The company said the partnership would provide its customers with “the rich banking-in-an-app experience that MatchMove offers.”
Shopmatic already 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 $20 million to date with August One and SEEDS Capital, among others.
Last September, MatchMove acquired a strategic stake in East Ventures-backed peer-to-peer lending platform MoolahSense.
According to its website, MatchMove is “building a world-class fintech platform to enable fast, secure and regulated money-moving experiences for the end-users of our clients and partners.” The company said it provides “a scalable, business-friendly platform-as-a-service with intelligent tools and data — so everyone has the ability to create amazing products to address the challenges of moving digital money securely.”