Matchmove of Singapore has paid $200M to purchase Shopmatic.
Singaporebased Matchmove 200M Shopmatic 1M Raibloomberg
To create an end-to-end embedded finance and ecommerce powerhouse, Singaporean startup MatchMove announced Monday that it had acquired e-commerce specialist Shopmatic in a $200 million deal.
MatchMove said in a statement that the merger would allow it to offer its Banking-as-a-Service to Shopmatic’s ecosystem of more than a million e-commerce SME customers.
According to the statement, Shopmatic provides small businesses with an e-commerce presence, complete with chat, social media, a webstore, and automated access to the world’s largest e-marketplaces, while MatchMove’s platform provides customizable, fast, secure, and regulated embedded financial services, such as banking-in-an-app, powered by APIs.
MatchMove plans to acquire additional companies in order to provide a comprehensive solution for businesses in Southeast Asia.
The company’s rapid expansion across Southeast Asia in recent years is detailed in the statement, which also claims that MatchMove serves customers in Singapore, India, Indonesia, Hong Kong, Malaysia, the Philippines, and Vietnam.
The new company will be known as MatchMove Group internally, although both brands will continue to be used externally for the time being.
Anurag Avula, CEO of Shopmatic, will remain at the helm of the Shopmatic business, while Shailesh Naik, CEO of MatchMove, will oversee the Singapore-based firm as it tries to add other complementary acquisitions to its collection of SaaS infrastructure solutions.
With one another, the companies form a fintech behemoth serving over a million enterprises and their many users.
It reinforces MatchMove’s standing as an innovative B2B platform that fills a real and expanding void in the industry for comprehensive finance and e-commerce solutions.
Extremely Rapid Growth in Embedded Financial and E-Commerce needs is being Seen.
With a strong foundation in e-commerce and a talented staff, Shopmatic has helped small and medium-sized enterprises flourish in the digital marketplace. As a result of the acquisition, we now have access to a sizable market in which to introduce our financial services.
According to Shailesh Naik, CEO of MatchMove, “Enterprise customers may now entirely digitalise their supply chains” by offering Shopmatic’s ecosystem of SME customers services like supply chain lending and vendor payments through a single platform.
Shopmatic CEO Anurag Avula added that the transaction will help propel the digital economy by integrating embedded financial services and online shopping.
We’re creating a flexible, enterprise-friendly platform-as-a-service with smart tools and analytics to help companies design innovative solutions for their markets and the risks associated with securely transferring digital currency.
So that its customers can pick and choose the digital services they need to realise their business goals, MatchMove intends to offer a suite of configurable modules.
“Shopmatic businesses will now have access embedded banking-as-a-service through MatchMove, enabling their buyers to make and collect payments effortlessly and at lower cost,” he said.
MatchMove’s enterprise clients have access to a collection of modifiable APIs that can be embedded into their app to give their own-brand digital wallets, in addition to supporting Visa, Mastercard, and WePay cards (both virtual and physical).
They can deposit their daily sales proceeds into a virtual account that is part of the site. The improved receivables and decreased payment processing costs are welcome benefits for Shopmatic and its merchants as well.
MatchMove and Shopmatic both got their Starts and Expanded Throughout Southeast Asia.
I’m quite happy about this merger because the two companies have so many strengths that compliment each other and the market as a whole.
Naveen Kumar, Chairman and Board Director of MatchMove Group, said, “With this partnership, MatchMove and Shopmatic will be able to use one other’s extensive networks and client bases to rapidly expand their platforms throughout the area.”