The digital payments startup has received a $100 million investment to accelerate the global rollout of its embedded finance platform.
U.S. headquartered technology solutions and services firm Nityo will become the largest shareholder of MatchMove with its strategic investment.
MatchMove provides a wallet-as-a-service platform, through which it manages the end-to-end process for millions of customer transactions across multiple countries in Asia. It currently operates in Singapore, India, Indonesia, Malaysia, the Philippines, and Vietnam, with plans to launch programs in Hong Kong, Bangladesh, Malaysia, and Thailand by the end of 2021.
The partnership will «enable the full spectrum of multinationals, SMEs, families, and individuals – in both developed and developing economies – to instantly and seamlessly access intuitive digital banking products that enhance their businesses and quality of life,» an announcement on Thursday said.
Future Decacorn
MatchMove called the investment «game changing» as it gives the Singapore-headquartered company a presence in 38 countries, and the ability to execute and deliver on the rising global demand for digital payments and embedded finance.
«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…This investment is the foundation of our goal to accelerate worldwide adoption of embedded digital financial services,»Naveen Kumar, Nityo founder and CEO, said in the announcement.
Nityo said it valued the company at $500 million pre-money and $600 million post money.
