Qishin Tariq · · 1 min readMalaysian fintech firm to raise series B after winning digibank license
Fintech startup MoneyMatch is in talks to raise series B funding by mid-2022 after receiving an Islamic digital banking license in Malaysia.
MoneyMatch founders (L-R) Adrian Yap, Naysan Munusamy and Fazil Fuad. / Photo by: MoneyMatch
MoneyMatch is in talks with local and regional institutional investors, investment banks, and VC funds and is expected to close the round by the middle of the year.
The funding is bookmarked for tech investments and financial infrastructure upgrades, as well as for regional expansion by 2023.
The fintech startup obtained the license as part of a consortium led by KAF Investment Bank, which also includes used-car marketplace Carsome and fintech startup Jirnexu – the firm behind price comparison site RinggitPlus.
MoneyMatch previously raised US$4.4 million in its series A funding round, which had two tranches. The first tranche was closed in 2019 and was led by Cradle Seed Ventures in 2019, while the second was secured in 2021 with KAF Investment leading the round.
The fintech startup was founded in 2015 by Adrian Yap and Naysan Munusamy. It took part in Bank Negara Malaysia’s regulatory sandbox program and received its remittance license from the central bank in 2019.
In 2020, MoneyMatch also expanded into Brunei, following the Autoriti Monetari Brunei Darussalam’s approval for it to participate in Brunei’s regulatory sandbox.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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