Singapore’s MatchMove acquires strategic stake in P2P lender MoolahSense

MatchMove, a bank-as-a-service platform, has inked an agreement to acquire a strategic stake in peer-to-peer lender MoolahSense.

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The acquisition is a “multimillion deal” for up to 20% equity in MoolahSense, the two companies told The Business Times. MatchMove also said it plans to take a majority stake in MoolahSense over the next 12 months.

With the deal, MatchMove will be able to further strengthen its capabilities and provide financing to small and medium-sized businesses, according to a statement. It also gives MoolahSense the opportunity to leverage MatchMove’s regional network to tap new segments and extend its capability.

Access to credit is a key challenge for SMEs, many of which struggle to achieve scale and optimization due to lack of credit and funding options. The partnership between MatchMove and MoolahSense seeks to address this issue by spurring SME development with digital credit evaluation and capital distribution.

“We are excited to partner with MatchMove to launch a risk-mitigated credit solution for curated digital ecosystems that fulfills the working capital needs of SMEs,” said Lawrence Yong, CEO of MoolahSense. “We shall be turning our ‘lending in a box’ into MatchMove’s vision of ‘banking in any app’ […].”

The pact will enable MatchMove to originate potential issuers and lenders from its client ecosystem, while MoolahSense will be able to grow its loan portfolio with new segments and product capabilities.

Founded in 2013, MoolahSense is a P2P lending platform focused on SME lending. It operates under a Capital Markets Services license from the Monetary Authority of Singapore.