MatchMove bags US$ 21M and reaches US$ 338M valuation
MatchMove bags US$ 21M and reaches US$ 338M valuation

Singapore-based Fintech startup MatchMove has raised US$ 21M in a new funding round held in September 2020, led by ZTC Private Markets, Singapura Finance, and Vickers Venture Partners along with participation from NTT Investment Partners, Iconic World, and V V Pentafond.

This new funding has advanced the startup’s valuation to a whopping amount of US$ 338M.

Out of the US$ 21M, ZTC and Singapura Finance each contributed US$ 5M in late-2019. NTT Investment Partners invested US$ 4M, while V V Pentafond financed the startup with US$ 1M around the same time. Vickers Venture Partners chipped in a total of about US$ 5M in MatchMove across several proportions since April 2020. Iconic World invested US$ 1M into the startup.

Founded in 2009 by Hseuh Huah Leow and Shailesh Naik, the startup provides end-to-end banking solutions that help companies combine spending, transfer, and loaning in their apps or help them build their mobile platforms from scratch. Its platform provides them with flexible banking services that can be personalized to match their branding and preferred interface.

The startup offers MatchMove Wallet, an e-wallet that enables its users to apply for and keep a track of numerous virtual cards for online shopping. It also permits consumer brands, banks, and local e-commerce websites to easily equip secure mobile payment cards to probable customers with smartphones in Asia and other emerging markets. 


CEO Shailesh Naik claims that the startup expects to reach profitability this year, foreseeing a rise in transaction volume to somewhere between US$ 2.5B to US$ 3B.

MatchMove has obtained a total of US$ 62.4M in funding over 9 rounds. The investors in these rounds include Vickers Venture Partners, Singapura Finance, NTT Docomo Ventures, ZTC Private Markets GmbH, Iconic World Limited, and Credit Saison.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.



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