Axios Pro: Fintech Deals
May 23, 2022
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1 big thing: MatchMoves and shakes

Illustration of a credit card as a shopping cart
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.

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