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.