Aditya Hadi Pratama · · 1 min readSingapore’s MatchMove acquires Shopmatic in $200m deal
MatchMove, a Singapore-based fintech startup, has acquired local ecommerce enabler Shopmatic in a US$200 million deal.
Photo credit: MatchMove
After the acquisition, Shopmatic’s merchants will be able to accept payments through MatchMove’s service.
In a statement, both companies said that the combined entity will operate under the MatchMove Group name while retaining their brands for now. Shopmatic CEO Anurag Avula will continue to lead the ecommerce enabler’s business.
In 2020, MatchMove had already made an investment into Shopmatic, though it did not disclose specific details.
See also: Series SEA: Who’s investing in the region’s fintech startups?
Founded by Shailesh Naik in 2009, MatchMove provides end-to-end banking solutions that help companies integrate spending, sending, and lending in their apps. It can also help clients build their mobile platforms from the ground up. The platform provides users with modular banking services that can be tailored to match their branding and preferred interface.
The firm has established a presence in Singapore, India, Indonesia, Hong Kong, Malaysia, the Philippines, and Vietnam. MatchMove aims to hit US$400 million in revenue and acquire 4 million customers by 2026.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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