MatchMove gets MAS approval for $100m funding from Nityo (Updated)

Update (December 09, 12:10 p.m. SGT): Added the latest details of MatchMove receiving approval from MAS for the funding.

MatchMove said the Monetary Authority of Singapore has approved Nityo Infotech’s investment into the Singapore-based fintech firm.

Under the deal, Nityo will provide MatchMove with an investment of US$100 million, comprising US$20 million in cash and US$80 million in tech services, specialist personnel, cost synergies, and enhanced sales and distribution.

Naveen Kumar, Nityo’s founder and chairman, and Vivek Chadha, Nityo’s CTO, will join MatchMove’s board once the investment is completed.

The investment will help MatchMove tap into Nityo’s assets, distribution, products, and expertise. Nityo will also fuel MatchMove’s market entry across new regions – particularly the US, Europe, and South America – over the next 24 months.

“I believe MatchMove is a global leader in B2B fintech innovation and will soon be another Southeast Asian fintech to become a unicorn,” said Kumar.

In June, MatchMove said Nityo had backed it at a US$600 million post-money valuation to become the Singapore startup’s largest shareholder. However, the valuation was reportedly disputed.

Earlier, The Business Times reported that Credit Saison, which has pumped US$8 million into MatchMove, also didn’t greenlight the Nityo investment. This could imply that the US$100 million transaction was announced before MatchMove got complete investor approval, according to the report.

See also: Series SEA: Who’s investing in the region’s fintech startups?

MatchMove in an earlier statement to Tech in Asia denied the report, saying, “This statement is inaccurate and baseless. The approval of all MatchMove shareholders was sought and obtained at the required time. Credit Saison was not required (or asked) to provide approval of the investment from Nityo.”