Illustration: Aïda Amer/Axios
Singapore-based embedded finance startup MatchMove announced that it has acquired e-commerce specialist Shopmatic in a deal worth $200 million.
Why it matters: The deal shows that embedded finance is moving deeper into the e-commerce realm, giving support to the modern adage that “every company will be a fintech company.”
Details: MatchMove provides banking-as-a-service, virtual and physical cards, and remittance offerings, while Shopmatic offers online shopping, social commerce, and marketplace capabilities to e-commerce SMEs, mostly in India.
- The deal will help expand Shopmatic offerings to new geographies, as MatchMove has customers across Singapore, India, Indonesia, Hong Kong, Malaysia, the Philippines and Vietnam.
- The combined entity is targeting revenues of $400 million and 4 million customers across 15 countries by 2026, the companies said.
Flashback: MatchMove raised $100 million in equity financing at a $600 million valuation last June, bringing total funding to $183.4 million, according to Crunchbase data.
- Shopmatic had raised just $8.2 million before being acquired.