The new funding will be focused on expansion efforts and growing iSTOX’s investment offerings. Singapore-headquartered digital securities platform iSTOX has closed its Series A fundraise at US$50 million, the company announced in a statement yesterday. With the close, the company welcomes four [...]
MatchMove will be making an undisclosed investment in the ecommerce enabler
Award winning ‘Banking-as-a-Service’ fintech platform MatchMove will be acquiring a “strategic stake” in global ecommerce platform Shopmatic, the company announced in a statement yesterday. Both companies are headquartered in Singapore.
As an ecommerce platform, Shopmatic provides end-to-end solutions for small and medium enterprises (SMEs), from setting up an online store and logistics integrations, to multichannel points-of-sales and after-sales support.
“This investment is a natural complement to our business, enabling us to access and solve payment pain points for a large pool of SMEs looking to digitize. With a captive SME base, Shopmatic is a natural go-to-market partner to scale our platform,” Shailesh Naik, Founder and Group CEO of MatchMove, said in the statement.
MatchMove is a digital payments and next-gen banking solutions provider in the Southeast Asia market. According to the statement, MatchMove aims to make its Banking-as-a-Service ewallet accessible to over 435,000 SMEs and entrepreneurs on Shopmatic’s platform through the investment.
Co-Founder and CEO of Shopmatic, Anurag Avula said, “We are excited to deepen our partnership with MatchMove to offer integrated payment and financial solutions to aspiring e-commerce entrepreneurs on our platform.”
“With this partnership with MatchMove we can seamlessly integrate iFinancial offerings and provide our customers with [a] rich banking-in-an-app experience that MatchMove offers,” he continued.
In addition to digital payments, MatchMove will enable cross border remittances as well, and also facilitate credit rating so that SMEs can access loans from MatchMove, the statement said.
“Through the MatchMove ecosystem, we can provide essential banking services including access to financing for these SMEs which are typically digitally underserved by traditional financial institutions,” Naik noted.
Earlier this month, MatchMove announced in another press note that it had applied for a Digital Full Bank License with the Monetary Authority of Singapore. Singapura Finance Ltd, Lightnet Pte Ltd and OpenPayd Holdings Ltd. participated in the application as well.
Avula noted that Shopmatic was “privileged to partner [with] MatchMove as its Go To Market partner in their bid for Singapore’s Digital Banking license. We will leverage the MatchMove reach and network to originate new customers as well as accelerate our platform growth across the region.”
The ecommerce market is robust due to rising internet penetration and growth in the size of the mid-income population, a PitchBook report revealed. Retail ecommerce has been seeing an upward trend since 2014 and is estimated to cross US$4 trillion in market size in 2020. 50% of the market share is controlled by WooCommerce, Squarespace and Shopify.
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