Singapore-based banking software developer Matchmove has received $21m in a funding round featuring NTT Investment Partners, a corporate venture capital vehicle for telecommunications firm NTT, Tech in Asia reported on Friday.
ZTC Private Markets, Singapura Finance and Vickers Venture Partners co-led the round, investing $5m each, while NTT Investment Partners put up $4m and V V Pentafond and Iconic World each contributed $1m. The funding was raised at a $338m post-money valuation.
Founded in 2009, Matchmove provides software that enables clients to incorporate financial services such as payments and lending into their online businesses, both on the web and on mobile operating systems like iOS or Android.
The company was reported in December 2019 to be planning to raise up to $150m in funding for its next round, having secured an undisclosed amount from another NTT subsidiary, NTT Docomo Ventures, eight months earlier.
The 2019 investment came after Matchmove raised an amount reported to be about $30m in a 2015 round led by payment services firm Credit Saison and backed by internet company GMO’s investment arm, GMO Venture Partners, and Vickers Venture Partners.
Shailesh Naik, chief executive of Matchmove, told Tech in Asia in 2019 he expected the company to reach profitability during 2020, but it us unclear how the ongoing Covid-19 pandemic has affected that status.
