The deal aims to be the first of many acquisitions by Matchmove aimed at building a global embedded finance powerhouse.

Matchmove, an embedded finance fintech has bought e-commerce platform  Shopmatic for $200m.

MatchMove’s platform provides embedded financial services, such as banking-in-an-app, powered by APIs, including both virtual and physical cards through Visa, Mastercard and WePay, to SME customers Shopmatic helps SMEs to trade online.

The deal will mean MatchMove can now provide its Banking-as-a-Service capabilities to Shopmatic’s ecosystem of over a million e-commerce SME customers.

Shailesh Naik, CEO, MatchMove, said: “Demand for embedded finance and e-commerce is growing extremely fast.”

The acquisition provides a large user base to deploy our financial services, reaching a huge sector of the economy at scale.”

“Enterprise customers can now completely digitalise their supply chains – providing services like supply chain lending and vendor payments through a single platform to Shopmatic’s ecosystem of SME customers.”

The two firms operate out of Singapore but have customers in India, Indonesia, Hong Kong, Malaysia, the Philippines and Vietnam.

Source: altfi