MatchMove Company Profile

Background

Founded in 2009, MatchMove is a Singapore-based fintech company specializing in digital payments and next-generation banking solutions. The company's mission is to drive financial inclusion by enabling businesses to offer embedded financial services through its proprietary Banking Wallet OS™, facilitating seamless and secure money movement for consumers and enterprises alike.

Key Strategic Focus

MatchMove's strategic focus centers on its Spend.Send.Lend™ capabilities:

Spend: Providing virtual accounts and prepaid cards for online and offline transactions.

Send: Enabling domestic and international remittances, including peer-to-peer transfers and mass disbursements.

Lend: Offering loan disbursement services, particularly targeting small and medium-sized enterprises (SMEs).

The company leverages its Banking Wallet OS™ to embed these services into client applications, targeting markets across Southeast Asia and beyond.

Financials and Funding

As of December 2021, MatchMove completed its Series C funding round, securing a significant investment from Nityo Infotech Corporation. This investment comprises $20 million in cash and $80 million in kind, including technology services and personnel support. The funding is intended to fuel global expansion and the development of new financial service products.

Pipeline Development

MatchMove's pipeline includes the continuous enhancement of its embedded banking platform, with plans to expand into new regions such as Thailand, Taiwan, and Malaysia. The company is also developing capabilities for embedded insurance and investment services, aiming to broaden its financial service offerings.

Technological Platform and Innovation

MatchMove's Banking Wallet OS™ is a proprietary platform that enables businesses to integrate financial services seamlessly into their applications. This platform supports:

Proprietary Technologies: Instant issuance of virtual and physical prepaid cards linked to major card networks.

Scientific Methods: Utilization of data analytics to assign credit scores based on user spending and sending behaviors, facilitating customized lending solutions.

The platform's architecture ensures compliance with local and international regulations, providing a secure and scalable solution for clients.

Leadership Team

Shailesh Naik: Co-Founder & Chief Executive Officer.

Amar Abrol: Co-Founder & President.

Prakash Desai: Group Chief Financial Officer.

Hsueh Huah Leow: Co-Founder, Chief Operating Officer & Board Member.

Vaibhav Sanghavi: Group Chief Technology and Product Officer.

These leaders bring extensive experience in fintech, technology, and financial services, driving MatchMove's strategic initiatives and growth.

Leadership Changes

In December 2021, following the Series C funding round, Nityo's Founder and Chairman, Naveen Kumar, and Chief Technology Officer, Vivek Chadha, joined MatchMove's Board of Directors. Their inclusion aims to provide strategic guidance for global expansion and technological advancement.

Competitor Profile

Market Insights and Dynamics

The embedded finance market is experiencing rapid growth, driven by increasing demand for integrated financial services within non-financial applications. This trend is particularly strong in Southeast Asia, where digital adoption is accelerating.

Competitor Analysis

Key competitors in the embedded finance and Banking-as-a-Service (BaaS) sector include:

Galileo Financial Technologies: Offers APIs for card issuing and digital banking solutions.

Payoneer: Provides cross-border payment solutions for businesses and professionals.

WEX: Specializes in corporate payment solutions, including fleet and travel payments.

YAP: Focuses on digital banking services and financial management tools.

Curve: Aggregates multiple bank cards into a single card and app, offering spending insights.

Modulr: Provides embedded payments infrastructure for businesses.

Verrency: Delivers payment innovation services to banks and payment processors.

Marqeta: Offers a modern card issuing platform with open APIs.

These companies are recognized for their contributions to the fintech industry and offer various solutions that compete with MatchMove's offerings.

Strategic Collaborations and Partnerships

MatchMove has engaged in several strategic partnerships to enhance its service offerings:

MoolahSense: In September 2020, MatchMove acquired a strategic stake in MoolahSense, a peer-to-peer lending platform focused on SME lending. This partnership aims to strengthen MatchMove's lending capabilities within its ecosystem.

Nityo Infotech Corporation: The Series C funding round in December 2021 established a strategic partnership with Nityo, providing MatchMove with resources for global growth and expansion into new financial service areas.

Operational Insights

MatchMove's competitive advantages include:

Comprehensive Platform: The Banking Wallet OS™ offers a full suite of financial services, enabling clients to embed Spend, Send, and Lend capabilities seamlessly.