US-based tech company Nityo Infotech has invested US$100 million in Singapore-based embedded finance company MatchMove Pay in return for a significant equity stake.
With this investment, Nityo will become the largest shareholder in MatchMove.
Together, the two companies aim to empower clients to embed own-brand digital financial services in their own platforms and apps.
As per a press note, these fintech-powered platforms will enable MNCs, SMEs, families, and individuals to “instantly” access intuitive digital banking products.
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MatchMove founder and CEO Shailesh Naik said: “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 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,” he added.
Nityo founder and CEO Naveen Kumar stated: “We are valuing the company (MatchMove) at US$500 million pre-money and US$600 million post money. With this investment and Nityo’s global strength, we are certainly looking to build a decacorn in the future, as we believe MatchMove is the most qualified soonicorn in the fintech space in Southeast Asia.”
MatchMove is a banking-as-a-service platform. It empowers its corporate clients to offer own-brand, secure and compliant digital payments, remittance, loans, insurance, and investments to their own customers (SMEs, families, and individuals).
Besides in Singapore, MatchMove has presence in India, Indonesia, Malaysia, the Philippines, and Vietnam.
MatchMove plans to launch programmes in Hong Kong, Bangladesh, Malaysia, and Thailand by the end of 2021.
Prior to Nityo’s investment, MatchMove has secured over US$83 million via multiple rounds from investors, including NTT Venture Capital and Iconic World, as per the data compiled by Crunchbase.
In September 2019, MatchMove acquired a strategic equity stake in Singapore’s P2P lender MoolahSense for an undisclosed amount.
Established in 2006, Nityo offers services including infrastructure management services, outsourcing, system integration, application software development, IT consulting, IT security consulting, cloud computing, data science, big data analytics, industry specific products implementation & support, and quality assurance & training.
Nityo has operations in 38 countries and serves over 3,000 enterprise clients today.
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Image Credit: MatchMove
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