Singapore-based embedded finance platform MatchMove has acquired Shopmatic for $200m to create a fintech powerhouse.
The acquisition of the e-commerce specialist will allow MatchMove to provide banking-as-a-service (BaaS) solutions to Shopmatic’s network of more than one million e-commerce SME customers.
Additionally, it strengthens MatchMove’s position as a B2B platform offering end-to-end fintech services.
Embedded financial services offered by MatchMove include API-powered banking-in-an-app.
It has customers across Singapore, India, Indonesia, Hong Kong, Malaysia, Philippines and Vietnam.
The combined entity will operate under MatchMove’s name with individual customer-facing brands retaining their brands for the immediate period.
MatchMove CEO Shailesh Naik said: “Demand for embedded finance and e-commerce is growing extremely fast. The acquisition provides a large user base to deploy our financial services, reaching a huge sector of the economy at scale.
“Enterprise customers can now completely digitalise their supply chains – providing services like supply chain lending and vendor payments through a single platform to Shopmatic’s ecosystem of SME customers.”
Shopmatic CEO Anurag Avula said: “We are building a scalable, business-friendly platform-as-a-service with intelligent tools and data, so every business has the ability to create amazing products to address their markets and while addressing the challenges of moving digital money securely.
“In addition to their existing e-commerce services, Shopmatic merchants will now be able to access embedded banking-as-a-service through MatchMove, enabling their buyers to make and collect payments seamlessly and at a lower cost.”
In December 2021, MatchMove joined forces with Singapore-based fintech Friz to offer a neo-banking platform for freelancers.