MatchMove Acquires a Stake in Local P2P Lender MoolahSense to Power SME Lendingby Fintechnews Singapore September 20, 2019
MatchMove, a ‘Bank-As-A-Service’ platform has closed an agreement with licensed P2P lender, MoolahSense, to acquire a strategic stake with immediate effect.
MoolahSense is a data-driven peer-to-peer lending platforms focused on SME lending, and operates under a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).
This acquisition will enable MatchMove to further strengthen its Spend.Send.Lend™ capability and provide access to financing to SMEs within its ecosystem. Consequently, MoolahSense will be able to leverage MatchMove’s integrated regional partner network to tap new segments and extend its capability to fund creditworthy SMEs across Asia.
Shailesh Naik, Founder and Group CEO of MatchMove commented,
“This combination makes perfect sense as we see access to funding as a key enabler for many of our growing clients. With this partnership, we will be able to leverage on MoolahSense’s capability in credit origination and scoring to serve our clients better. Furthermore, there is a natural strategic convergence between our two digital platforms to go-to-market together as a combined offering.”
Shailesh will join the Board of Directors of MoolahSense.
Moving forward, MatchMove will be able to originate potential issuers and lenders from its client ecosystem, further enhancing its essential ‘banking-as-a-service’ proposition. MoolahSense will in turn grow its loan portfolio on the back of accessing new segments and structuring new product capabilities.
“We are excited to partner with MatchMove to launch a risk-mitigated “on-tap” credit solution for curated digital ecosystems that fulfills the working capital needs of SMEs. We shall be tuning our “Lending-in-a-Box” into MatchMove’s vision of “Banking-in-any-App” to realize the dreams of many SMEs and reward the decisions of lenders,”
said Lawrence Yong, CEO of MoolahSense.
Featured image credit: screengrab from Youtube