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Roehl Niño Bautista · · 1 min readReport: Malaysia’s MoneyMatch eyes Singapore, HK expansion with $4.4m series A fund
“MoneyMatch, a cross-border payment company headquartered in Kuala Lumpur, announced the closing of its series A fundraising round totaling 18.5 million ringgit (US$4.4 million),” reported e27, citing a statement.
Details:
- Cradle Seed Ventures and KAF Investment separately led the two tranches of the funding round in 2019 and 2021, respectively.
- MoneyMatch will use the new capital to reach Malaysians and Malaysian businesses in Singapore and Hong Kong. It is also eyeing a slot in its home country’s digital banking space.
Dive deeper:
- In 2020, an International Monetary Fund analysis described Malaysia as having a “flourishing fintech ecosystem” due to a high mobile penetration rate which has prompted citizens to move from making over-the-counter to online transactions.
- With its expansion, MoneyMatch is also primed to capitalize on Southeast Asia’s growing fintech space, with digital payments in the region expected to breach US$1 trillion by 2025. (Read: As Southeast Asia enters a golden age, here are the key opportunities)
Editing by Miguel Cordon Jaclyn Tiu
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