The Monetary Authority of Singapore (MAS) has approved Nityo Infotech Corporation’s investment into Singaporean fintech MatchMove Pay six months after it was initially announced.
This also marks the completion of MatchMove’s Series C funding round.
MatchMove will remain independent with Nityo as a significant minority shareholder. The deal has been further refined since it was announced in June this year.
Nityo is providing MatchMove with an investment of US$100 million comprising US$20 million cash and US$80 million in kind consisting of technology services, specialist personnel, cost synergies and enhanced sales and distribution.
For MatchMove, this allows the company to leverage Nityo’s assets, distribution, products and expertise.
Nityo will also support MatchMove’s planned market entry across new regions over the next year, particularly in the US, Europe and South America as the former has a long-standing presence and strong relationships with local banks.
Nityo’s Founder and Chairman Naveen Kumar as well as Chief Technology Officer Vivek Chadha will join MatchMove’s board following completion of the investment.
Shailesh Naik, CEO and Founder of MatchMove said,
“Since we signed the term sheet, Nityo’s global business development team has begun identifying and opening up high-value client prospects for us and we are engaged with many of their long-standing, worldwide customers.
We now have operations in seven markets and an impressive set of new clients and high calibre employees whom we have attracted in the last 12 months.”
Naveen Kumar, Chairman and Founder, Nityo Infotech Corporation said,
“I believe MatchMove is a global leader in B2B fintech innovation and will soon be another Southeast Asian fintech to become a unicorn.
I am throwing the full weight of my worldwide organisation behind MatchMove to accelerate their global growth and to enable them to achieve their potential. With the organic and inorganic growth they have lined up, I am confident they will become a multi-billion dollar global business.”
Featured image: Shailesh Naik, Founder and CEO of MatchMove and Naveen Kumar, Founder and CEO of Nityo
