340 views
[L-R] Hsueh Huah Leow, COO and Co-Founder, MatchMove, Shailesh Naik, CEO and Founder, MatchMove, Yen Ti Lim, COO and Co-Founder, Shopmatic and Anurag Avula, CEO and Co-Founder, Shopmatic.

MatchMove buys SG-based startup Shopmatic for $275.14m

The deal is a first in a series of planned acquisitions.

Singapore-based fintech firm MatchMove has bought startup Shopmatic for $275.14m (US$200m).

The move will enable MatchMove to realise its plans to create an end-to-end embedded finance and ecommerce powerhouse.

MatchMove’s platform provides customisable, fast, secure and regulated embedded financial services, such as banking-in-an-app, powered by APIs, to help enterprise firms offer richer services to their SME customers. Shopmatic offers small businesses an e-commerce presence, complete with chat, social media, a webstore and automated access to the world’s largest e-marketplaces.

The combined company will enable MatchMove to provide its Banking-as-a-Service capabilities to Shopmatic’s ecosystem of over a million e-commerce SME customers.

According to MatchMove, this is just the first of a series of acquisitions. The firm aims to create an end-to-end service for companies in Southeast Asia aiming to digitalise their offerings.

The combined entity will operate under the MatchMove Group name, while retaining their individual customer-facing brands for the immediate period. Shopmatic CEO, Anurag Avula, will continue to lead the Shopmatic business whilst Shailesh Naik, MatchMove CEO, will helm the Singapore-headquartered group as it seeks to add further complementary acquisitions to its stable of SaaS infrastructure solutions.

“Demand for embedded finance and e- commerce is growing extremely fast. Shopmatic has built an amazing business and team with proven ecommerce tools which support SMEs to trade online. The acquisition provides a large user base to deploy our financial services, reaching a huge sector of the economy at scale,” Naik said.
 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!