The deal aims to be the first of many acquisitions by Matchmove aimed at building a global integrated finance powerhouse.
Image source: Shailesh Naik/MatchMov
Matchmove, an integrated financial fintech, bought e-commerce platform Shopmatic for $200 million.
MatchMove’s platform provides integrated financial services, such as in-app banking, powered by APIs, including virtual and physical cards via Visa, Mastercard and WePay, to SMB customers Shopmatic helps SMBs trade online line.
The agreement means that MatchMove can now provide its banking capabilities as a service to Shopmatic’s ecosystem of over one million SMB e-commerce customers.
Shailesh Naik, CEO of MatchMove, said, “The demand for integrated finance and e-commerce is growing extremely rapidly.”
The acquisition provides a broad user base to deploy our financial services, reaching a wide sector of the economy at scale. »
“Business customers can now completely digitize their supply chains – providing services such as supply chain loans and supplier payments through a single platform to Shopmatic’s SMB customer ecosystem.”
Both companies operate from Singapore but have customers in India, Indonesia, Hong Kong, Malaysia, the Philippines and Vietnam.