Singapore’s MatchMove buys e-commerce start-up Shopmatic in $200m deal

Fintech company MatchMove has acquired e-commerce startup Shopmatic in a $200 million deal to create an end-to-end service to digitize the startup.

Shopmatic, also based in Singapore, provides small businesses with an e-commerce presence by developing online stores and automating access to the world’s largest online marketplaces. The acquisition will enable MatchMove to provide its fintech services, such as banking apps, to Shopmatic’s one million customers.

The combined entity, now operating as MatchMove Group, will target $400 million in revenue and four million customers in 15 countries by 2026, according to their joint press release.

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The deal is the first in a series of planned acquisitions of Southeast Asian companies for MatchMove, which provides companies with end-to-end services to digitize their offerings. The fintech company has rapidly expanded its presence in Southeast Asia, including Singapore, India, Indonesia, Hong Kong, Malaysia, the Philippines and Vietnam.

“Business customers can now completely digitize their supply chains, providing services such as supply chain loans and supplier payments through a single platform to Shopmatic’s SME customer ecosystem,” commented MatchMove CEO Shailesh Naik in the press release.

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