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Fintech company MatchMove has acquired e-commerce startup Shopmatic in a $200 million deal to create an end-to-end service to digitalize the startup.
Shopmatic, also headquartered in Singapore, provides small businesses an e-commerce presence by developing web stores and automating access to the world’s largest e-marketplaces. The acquisition will enable MatchMove to provide its fintech services, such as banking apps, to Shopmatic’s million customers.
The combined entity, now operating under the MatchMove Group name, will target revenue of $400 million and four million customers across 15 countries by 2026, according to their joint press release.
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This deal is the first in a series of planned acquisitions of Southeast Asian companies for MatchMove, which is bringing end-to-end services for companies to digitalize their offerings. The fintech company has grown its presence rapidly across Southeast Asia including, Singapore, India, Indonesia, Hong Kong, Malaysia, Philippines and Vietnam.
“Enterprise customers can now completely digitalize their supply chains—providing services like supply chain lending and vendor payments through a single platform to Shopmatic’s ecosystem of SME customers,” MatchMove CEO Shailesh Naik commented in the press release.