MatchMove at the Singapore Fintech Festival. Photo: MatchMove
IT services company Nityo Infotech has invested $100 million in Singapore-based financial technology (fintech) firm MatchMove for a significant equity stake that will make it the latter’s largest shareholder, according to an announcement.
Nitro’s founder and CEO Naveen Kumar valued MatchMove at $500 million pre-money.
“With this investment and Nityo’s global strength, we are certainly looking to build a decacorn in the future, as we believe MatchMove is the most qualified soonicorn in the FinTech space in Southeast Asia,” Kumar said.
The investment comes as MatchMove’s talks with potential investors to raise about $45-50 million funding fell through in April after it failed to secure a digital banking license from the Monetary Authority of Singapore.
MatchMove had forged a partnership with Singapura Finance, Lightnet, and OpenPayd Holdings to apply for a digital banking license in the city-state to bolster its existing banking-as-a-service portfolio, which would allow it to tap into the digitally underserved segments such as SMEs and gig workers.
Nityo Infotech Corporation was established in 2006. It provides application management outsourcing, packaged application services, verification and testing, remote infrastructure management, product development and support, among others.
MatchMove is headquartered in Singapore and is authorised by regulators to operate in six markets across South and Southeast Asia, including Singapore, India, Indonesia, Malaysia, the Philippines, and Vietnam. It plans to launch programmes in Hong Kong, Bangladesh, Malaysia, and Thailand by the end of 2021.