MATCHMOVE is acquiring Shopmatic, a startup that provides digital e-commerce services to businesses, in a share-swap deal that values Shopmatic at US$200 million.
The fintech, which specialises in embedding financial services into platforms, first made a minor investment in Shopmatic in 2020 for an undisclosed amount. The two companies began engaging in talks of an acquisition following the deal.
MatchMove’s CEO Shailesh Naik said the acquisition provides a large user base for the company to deploy its financial services. This includes giving Shopmatic’s small and medium-size enterprise (SME) users access to supply chain lending and vendor payments services.