Singapore fintech start-up MatchMove raises $100m

It values MatchMove at $500 million pre-money, compared to $317 million last year when the company raised a $21 million Series C round featuring Vickers Venture Partners, NTT Venture Capital, and ZTC Private Markets. Earlier backers include NTT Docomo Ventures, Credit Saison, and GMO VenturePartners.

MatchMove describes itself as a banking-as-a-service provider for corporate clients across South and Southeast Asia. It offers a suite of tools and services that facilitate moving money digitally, claiming to take care of all local and international regulatory, legal, and reporting compliance requirements.

The core offering, which includes a mobile app, is a virtual and physical card issuing service that allows businesses and their customers to make payments online and offline. It covers P2P domestic transfers, QR payments, cross-border remittances, pay-to-mobile, and mass disbursements to global recipients.

MatchMove has offices in Singapore, India, Indonesia, Vietnam, and the Philippines. It is expected to pursue a global expansion leveraging Nityo’s presence in 38 countries and network of 3,000 enterprise clients. The two companies plan to work together to help businesses in both developed and developing countries provide own-branded financial services.

“With this investment and Nityo's global strength, we are certainly looking to build a decacorn in the future, as we believe MatchMove is the most qualified soonicorn in the FinTech space in Southeast Asia,” Naveen Kumar, founder and CEO of Nityo, said in a statement. “MatchMove has developed and proven an incredible technology platform that has the power to improve people's lives around the world. We are very excited to be able to provide fuel for this rocket ship.”

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• Topics
• Southeast Asia
• Financials
• Technology
• Expansion
• Singapore
• Fintech
• Financial Services