MatchMove, a Singapore-based fintech firm, has paid $200 million for the local e-commerce platform Shopmatic.
Shopmatic’s merchants will be able to take payments using MatchMove’s service following the acquisition.
Both firms said in a statement that the merged entity will operate under the MatchMove Group moniker for the time being while keeping their own brands. Anurag Avula, CEO of Shopmatic, will continue to oversee the company’s operations.
MatchMove has previously invested in Shopmatic in 2020, albeit it did not reveal exact information.
MatchMove, founded in 2009 by Shailesh Naik, offers end-to-end banking solutions that let businesses incorporate spending, sending, and lending into their apps. It may also assist clients in starting from scratch with their mobile platforms. Users may customize the platform’s modular financial services to meet their branding and chosen interface.
Singapore, India, Indonesia, Hong Kong, Malaysia, the Philippines, and Vietnam are all home to the corporation. By 2026, MatchMove wants to generate $400 million in sales and have 4 million customers.
