MatchMove, one of Singapore’s digital bank contenders, has announced today the acquisition of a strategic stake in e-commerce platform Shopmatic, a firm that supports small and medium-sized enterprises in setting up online stores.
In a press statement, MatchMove said that the investment will enable the company to extend its e-wallet capability to Shopmatic’s ecosystem of more than 435,000 e-commerce small and medium-sized enterprises (SMEs) and individual entrepreneurs across the region.
“This investment is a natural complement to our business, enabling us to access and solve payment pain points for a large pool of SMEs looking to digitize,” said Shailesh Naik, MatchMove’s founder and CEO. “With a captive SME base, Shopmatic is a natural go-to-market partner to scale our platform.”
Shopmatic is integrated with a variety of channels and marketplaces, providing customers the ability to sell across multiple platforms including Amazon, Lazada, Q10, Shopee, as well as social media networks like Facebook and Instagram.
Founded in December 2014, the firm is headquartered in Singapore, with presence in India, Hong Kong, China, Malaysia, Philippines, and UAE. It previously raised SGD 20 million (USD 14 million) from August One, SEEDS Capital, and a consortium of investors.
