Singapore’s MatchMove banks $21m to hit $338m valuation

Singapore-based banking-as-a-service platform MatchMove has raised US$21 million in new funding, boosting its valuation to US$338 million post-money.

Photo credit: MatchMove

Investors in the round include lead backers ZTC Private Markets, Singapura Finance, and Vickers Venture Partners, as well as NTT Investment Partners, Iconic World, and V V Pentafond.

According to data from VentureCap Insights, ZTC and Singapura Finance each poured US$5 million in the company late last year. NTT invested US$4 million, while V V Pentafond chipped in US$1 million around the same time.

Most of the newer funding came from Vickers Venture Partners, which invested a total of about US$5 million in MatchMove across several tranches since April this year. Meanwhile, Iconic World injected US$1 million into the company back in January this year.

While Vickers confirmed its investment, a spokesperson for the company declined to comment on which fund it’s from, the amount, or the timing of the investment. MatchMove declined to comment on the matter.

Established in 2009, the fintech firm provides end-to-end banking solutions that help companies integrate spending, sending, and lending in their apps or help them build their mobile platforms from the ground up. MatchMove’s platform provides them with modular banking services that can be tailored to match their branding and preferred interface.

See Also: ‘E-wallet factory’ MatchMove to raise US$150m in series C round, eyes profitability in 2020

In December of last year, MatchMove said it was planning to raise US$150 million in an ongoing series C funding round expected to close in the first quarter of 2020. The new round follows a recent investment from Singapura Finance that valued the company at US$300 million.

MatchMove CEO Shailesh Naik also told Tech in Asia last year that he expects the startup to hit profitability this year, predicting an increase in transaction volume to somewhere between US$2.5 billion to US$3 billion.