Aspiring Digibank MatchMove Acquires Strategic Stake in e-Commerce Firm Shopmaticby Fintech News Singapore March 31, 2020
MatchMove announced today that they have entered into an agreement with the e-commerce enabler Shopmatic to make a strategic investment into the company with immediate effect.
Shopmatic is an e-commerce platform company specializing in providing turnkey solutions to small and medium-sized enterprises (SMEs) wanting to set-up an online store. This includes the entire ecosystem from setting up the store-front, payment, shipping and logistics integrations, selling across multiple channels including Social media and Marketplaces, to sales management and customer support. This investment will enable MatchMove to extend its ‘Banking-as-a-Service’ wallet capability to Shopmatic’s ecosystem of more than 435,000 e-commerce SMEs and individual entrepreneurs across the region.
This move comes after MatchMove’s annoucement that they are also bidding for a digital banking license in Singapore alongside Singapure Finance.
MatchMove will power digital payments and cross border remittance capability to enable these e-commerce companies to make as well as receive payments seamlessly from their customers and suppliers in a safe, secure and cost-effective manner. Over time, these SME’s can build a credit-score against which they can access loans for their capital requirements.
Commenting on the partnership, Co-Founder and CEO of Shopmatic, Anurag Avula said,
“We are excited to deepen our partnership with MatchMove to offer integrated payment and financial solutions to aspiring e-commerce entrepreneurs on our platform. We are also privileged to partner MatchMove as its Go To Market partner in their bid for Singapore’s Digital Banking license. We will leverage the MatchMove reach and network to originate new customers as well as accelerate our platform growth across the region. With this partnership with MatchMove we can seamlessly integrate iFinancial offerings and provide our customers with rich banking-in-an-app experience that MatchMove offers.”
Shailesh Naik, Founder and Group CEO said,
“This investment is a natural complement to our business, enabling us to access and solve payment pain points for a large pool of SMEs looking to digitize. With a captive SME base, Shopmatic is a natural go-to-market partner to scale our platform.” “In addition, through the MatchMove ecosystem, we can provide essential banking services including access to financing for these SMEs which are typically digitally underserved by traditional financial institutions,”