Tuesday, Jan 31, 2023
International Finance

Singapore-based fintech Matchmove secures $21 mn funding

Matchmove funding_IFM_Image
Investors include ZTC Private Markets, Singapura Finance, and Vickers Venture Partners

Singapore-based fintech company Matchmove has raised around $21 million in a fresh funding round, the media reported.

Investors that participated in the funding round for Matchmove include ZTC Private Markets, Singapura Finance, Vickers Venture Partners, NTT Investment Partners, Iconic World, and V V Pentafond.

After the latest funding round, the company is now valued at $38 million, according to reports.

Matchmove is a banking-as-a-service platform that help companies integrate spending, sending, and lending in their apps or help them build their mobile platforms from the ground up.

Last month, Matchmove launched of its new remittance platform, RemitSend that enables seamless and cost-efficient, cross-border Business to Business (B2B) remittances for businesses of all sizes.

With regard to the launch, Amar Abrol, Chief Commercial Officer of MatchMove told the media, “We are excited to launch RemitSend by MatchMove, after months of extensive research and speaking to various groups of SMEs. We do understand the challenges and high costs faced by SMEs as they remit across markets.”

“Here at MatchMove, we are committed to meet the existing and evolving needs of SMEs holistically. We see that opportunity in RemitSend by MatchMove to help firms better digitise their remittance capabilities and bring them forward in their digital transformation journey.”

Earlier this year, Matchmove also applied for a digital banking licence in Singapore through a consortium.

In order to apply for the digital banking licence, MatchMove teamed up with Singapura Finance, CP Group-linked Lightnet, and UK-based fintech OpenPayd Holdings.

The Monetary Authority of Singapore (MAS) is set to issue three operational licences in Singapore in a bid to improve financial lending to small and medium-sized enterprises (SMEs).

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