Singaporean fintech MatchMove has acquired e-commerce start-up Shopmatic for $200 million to create an end-to-end digitalisation offering for businesses.
MatchMove acquires Shopmatic
MatchMove provides embedded finance services powered by Application Programming Interfaces (APIs) to enable businesses to offer enhanced services to their small and medium-sized enterprise (SME) customers.
Headquartered in Singapore, Shopmatic offers SMEs an online presence including webstore, chat, social media and marketplace functionalities.
The firms say the acquisition will enable MatchMove to provide its Banking-as-a-Service (BaaS) capabilities to Shopmatic’s ecosystem of “over a million” e-commerce SME customers.
“The acquisition provides a large user base to deploy our financial services, reaching a huge sector of the economy at scale,” says Shailesh Naik, MatchMove CEO.
“Enterprise customers can now completely digitalise their supply chains – providing services like supply chain lending and vendor payments through a single platform to Shopmatic’s ecosystem of SME customers,” he adds.
Shopmatic will retain its brand for the “immediate period” while operating under the MatchMove Group name, with Shopmatic CEO, Anurag Avula, continuing in his role.
Avula says: “This is about driving the digital economy by combining embedded finance with e-commerce.
“We are building a scalable, business-friendly platform-as-a-service with intelligent tools and data, so every business has the ability to create amazing products to address their markets and while addressing the challenges of moving digital money securely,” Avula adds.
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