IT services company Nityo has invested $100 million to acquire a significant equity stake in Singapore-based banking-as-a-service platform MatchMove.
Nityo will become the largest shareholder in MatchMove, valuing the company at $500 million pre-money and $600 million post-money.
The US-based company intends to on-sell MatchMove's BaaS services to its 3000 enterprise clients wordlwide.
Naveen Kumar, founder & CEO of Nityo, comments: “This investment is the foundation of our goal to accelerate worldwide adoption of embedded digital financial services.”
Shailesh Naik, founder & CEO of MatchMove, says: "Nityo brings us everything we need to grow: executive experience in growing and expanding a global tech company, thought leadership, growth capital, large and deep talent pools around the world, and existing relationships with many leading organisations. This investment is game-changing for MatchMove, as it will immediately give us presence in 38 countries, combined with a massive ability to execute and deliver on the rising global demand for digital payments and embedded finance.”