Souteast Asian emebedded finance firm MatchMove has acquired e-commerce specialist Shopmatic in a $200 million deal.
MatchMove provides enterprise customers with a set of customisable APIs which can be integrated into their app to offer own-brand digital wallets, in addition to both virtual and physical cards through Visa, Mastercard and WePay. Shopmatic offers small businesses an e-commerce presence, complete with chat, social media, a webstore and automated access to the world’s largest e-marketplaces.
The combined company will enable MatchMove to provide its Banking-as-a-Service capabilities to Shopmatic’s ecosystem of over a million e-commerce SME customers, says Shailesh Naik, CEO, MatchMove.
“Demand for embedded finance and e-commerce is growing extremely fast,” he says. "The acquisition provides a large user base to deploy our financial services, reaching a huge sector of the economy at scale. Enterprise customers can now completely digitalise their supply chains - providing services like supply chain lend."
The Mathmove platform comes with a virtual account, ensuring users receive their daily sales funds, improving receivables and reducing the cost cost of managing payments.
The deal is the first in a series of planned acquisitions for MatchMove, which has grown its presence rapidly across Southeast Asia with customers across Singapore, India, Indonesia, Hong Kong, Malaysia, Philippines and Vietnam.