Singaporean fintech firm MatchMove recently announced that they acquired funding of $100 million from US-based IT services firm Nityo Infotech, raising the company’s market value to $600 million. The company said that the funding will be used to expand its presence to more markets.
After its current investment in MatchMove, Nityo, which operates in 38 countries worldwide is all set to become its largest shareholder. The Singaporean fintech company will help other companies to embed digital financial services into their existing apps or platforms. The company already has regulatory approval to operate in six countries, including India, Indonesia, and Malaysia.
Nityo Infotech founder and CEO Naveen Kumar said in a statement, “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.”
The news of this investment comes after MatchMove’s earlier negotiations with potential investors to raise between $45 to $50 million fell through in April, due to which the company failed to secure a digital banking license from the Monetary Authority of Singapore.
Prior to this, MatchMove already had a partnership with Singapura finance, Lightnet, and OpenPayd holdings to apply for digital licenses in the city-state. The license would allow the company to enter into the digitally underserved segments such as SMEs and gig workers.
MatchMove currently operates in six markets across South and Southeast Asia, including India, Indonesia, Malaysia, the Philippines, and Vietnam, and of course, its home markets. The company plans to launch its programmes in Hong Kong, Bangladesh, Malaysia, and Thailand by the end of 2021.