Singapore-based banking technology developer MatchMove received $100m yesterday from IT services firm Nityo Infotech.
Nityo has secured a “significant” equity stake in MatchMove through the deal, becoming the latter’s largest shareholder in the process.
Founded in 2009, MatchMove has built a banking-as-a-service software tool that helps organisations embed financial services into their mobile apps and web platforms.
NTT Investment Partners, a corporate venturing arm of telecommunications firm NTT, participated in a $21m round for the company in September 2020 secured at a $338m post-money valuation.
The round was co-led by ZTC Private Markets, Singapura Finance and Vickers Venture Partners and backed by V V Pentafond and Iconic World.
MatchMove was reportedly looking to raise up to $150m in late 2019 after it had collected an undisclosed sum from another NTT vehicle, NTT Docomo Ventures, earlier in the same year.
Payment services firm Credit Saison led a 2015 round reportedly sized at $30m, investing alongside internet company GMO’s investment subsidiary, GMO Venture Partners, and Vickers Venture Partners.
Naveen Kumar, founder and chief executive of Nityo, said: “I am delighted to make this investment in MatchMove. We are valuing the company at $500m pre-money and $600m post-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.”
