Monetary Authority of Singapore (MAS) approves Nityo Infotech Corporation’s US$100 million investment into one of Southeast Asia’s leading B2B fintechs
Approval issued by MAS on 29th November 2021 marks the completion of MatchMove’s Series C funding round
Significant new investment positions MatchMove for global growth and expansion into new financial services product areas and client sectors
Singapore, 8th December 2021 – MatchMove Pay Pte. Ltd. (the “Company”) is pleased to announce that the Monetary Authority of Singapore (MAS) has approved Nityo Infotech Corporation’s (“Nityo”) investment into the Company.
This also marks the completion of MatchMove’s Series C funding round.
The investment has been made through Nityo’s corporate venture capital arm, KFC Ventures Pte. Ltd. (“KFC Ventures”). The investment marks the start of a strategic partnership between two synergistic companies that is expected to drive global growth for MatchMove’s Embedded Banking technology platform.
Nityo’s Founder and Chairman, Naveen Kumar, and Nityo’s Chief Technology Officer, Vivek Chadha, will join the board of MatchMove following completion of the investment. They will provide strategic guidance to MatchMove as the Company deepens its market penetration throughout Asia and expands beyond the region to become a truly global technology business.
The new funding round will also result in a significant broadening of employee ownership of the Company through the issue of incentive warrants and shares to MatchMove’s management team. The Company will remain independent with Nityo as a significant minority shareholder.
Since the term sheet signed between MatchMove and Nityo was announced in June this year, the deal has been further refined. In exchange for its shareholding, Nityo is providing MatchMove with an investment of US$100 million comprising US$20 million cash and US$80 million in kind consisting of technology services, specialist personnel, cost synergies and enhanced sales and distribution.
For MatchMove, the investment from Nityo provides a long-term strategic opportunity for the Company to leverage Nityo’s assets, distribution, products and expertise. Nityo will also support MatchMove’s planned market entry across new regions, particularly in the US, Europe and South America where Nityo has long-standing presence and strong relationships with local banks – crucial elements to accelerate MatchMove’s launch in those territories over the next 24 months.
Shailesh Naik, CEO & Founder of MatchMove commented: “The support we are already receiving in capital and in kind from Nityo provides the fuel to power us to leadership in the fast-growing global Embedded Banking sector.
As a leading global provider of technology services, Nityo delivers the services that MatchMove needs to accelerate our business plan. Nityo’s RiG – “Run-innovate-Grow” – Framework will immediately lower our average running costs while powering aggressive innovation and delivering strong customer growth.
Since we signed the term sheet, Nityo’s global business development team has begun identifying and opening up high-value client prospects for us and we are engaged with many of their long-standing, worldwide customers. We will be announcing a string of new client wins over the coming months as a result of Nityo’s strong sales support.
After a challenging 2020, we will close 2021 showing 400% revenue growth and a strong increase in SaaS-based recurring revenues. We now have operations in seven markets and an impressive set of new clients and high calibre employees whom we have attracted in the last 12 months.
The clients we have signed this year and the growth we are witnessing in our programs means we are now forecasting similar revenue growth in 2022 as we have seen this year, while maintaining a very robust gross profit margin.”
Naveen Kumar, Chairman & Founder, Nityo Infotech Corporation commented: “What I see in the MatchMove leadership team is an indomitable spirit to deliver on the valuable mission they have set themselves.
They believe in the power of technology to set people free and to empower economic growth at the level of the individual, the SME and the nation.
I believe MatchMove is a global leader in B2B fintech innovation and will soon be another Southeast Asian fintech to become a unicorn.
I am throwing the full weight of my worldwide organisation behind MatchMove to accelerate their global growth and to enable them to achieve their potential. With the organic and inorganic growth they have lined up, I am confident they will become a multi-billion dollar global business.”