ⓘ Featured image details: A file-photo of MatchMove CEO & Founder Shailesh Naik, Credits: straitstimes.com
Matchmove, a Singapore-based fintech firm yesterday signed an agreement to acquire a stake in the global e-commerce solutions platform Shopmatic that lets small and medium business set up online stores.
The financial details of the acquisition haven’t been disclosed yet. The investment by MatchMove will enable it to extend its ‘banking as a Service’ wallet capability to Shopmatic ecosystem of over 435,000 e-commerce SMEs and entrepreneurs.
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Apart from helping SMEs build online stores and increase sales, Shopmatic also offers integration with a number of channels to sell across platforms like Amazon, Lazada, Q10, Shopee and social media platforms like Facebook and Instagram. Now, Matchmove will empower digital payments and cross-border remittance capability for the e-commerce companies on Shopmatic. The e-commerce companies and entrepreneurs can also build their credit-score to access loans for their capital requirements.
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Anurag Avula, commenting on the partnership in a statement 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. We are also privileged to partner 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. With this partnership with MatchMove we can seamlessly integrate iFinancial offerings and provide our customers with rich banking-in-an-app experience that MatchMove offers.”
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