MatchMove acquires strategic stake in ecommerce platform Shopmatic
Banking-as-a-Service platform MatchMove has acquired a strategic stake in ecommerce enabler Shopmatic with immediate effect.
Singapore-based Shopmatic is an international ecommerce platform specialising in providing turnkey solutions to small and medium-sized enterprises (SMEs) wanting to set-up an online store. This includes the entire ecosystem - from setting up the store-front, payment, shipping and logistics integrations, selling across multiple channels including social media and marketplaces, to sales management and customer support. Shopmatic is currently present in India, Hong Kong, China, Malaysia, the Philippines, and the UAE.
The latest investment will enable MatchMove to extend its ‘Banking-as-a-Service’ wallet capability to Shopmatic’s ecosystem of more than 435,000 ecommerce SMEs and individual entrepreneurs across the region.
Co-founder and CEO of Shopmatic, Anurag Avula, said,
“We will leverage the MatchMove reach and network to originate new customers as well as accelerate our platform growth across the region. With this partnership with MatchMove, we can seamlessly integrate iFinancial offerings and provide our customers with rich banking-in-an-app experience that MatchMove offers.”
According to Shopmatic, its objective is to help and support business owners to increase their sales by accessing new markets through online channels, point of sale solutions, and by being able to execute these sales with the support of reliable digital technology, integrated logistics, and payment solutions provided by a wide range of partners.
The Shopmatic platform claims it is also integrated with a variety of channels and marketplaces, providing customers with the ability to sell across multiple platforms including Amazon, Lazada, Q10, Shopee, as well as social media platforms like Facebook and Instagram.
Shopmatic has raised around $14.5 million from its incorporation till date with August One, SEEDS Capital, and a consortium of investors.
MatchMove said it will power digital payments and cross border remittance capability to enable these ecommerce companies to make as well as receive payments from their customers and suppliers in a safe, secure, and cost-effective manner. Overtime, these SMEs can build a credit-score against which they can access loans for their capital requirements.
Shailesh Naik, Founder and CEO, MatchMove said,
“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 digitise. With a captive SME base, Shopmatic is a natural go-to-market partner to scale our platform.”
“In addition, through the MatchMove ecosystem, we can provide essential banking services, including access to financing for these SMEs, which are typically digitally underserved by traditional financial institutions,” added Naik.
MatchMove is headquartered in Singapore with offices in India, Indonesia, Vietnam, and the Philippines.
(Edited by Megha Reddy)