Shopmatic offers small businesses an e-commerce presence.
MatchMove, a fintech company, has purchased Shopmatic, an e-commerce startup, in a deal worth $200 million to provide an end-to-end service that will digitalize the startup.
Shopmatic, based in Singapore, offers small businesses an online presence by developing web stores and automated access to some of the largest e-commerce marketplaces. MatchMove will be able to provide its fintech services to Shopmatic’s millions of customers through the acquisition, including banking apps.
According to their joint press release, the combined entity will aim for revenue of $400million and four million customers in 15 countries by 2026.
This is the first of a series to be acquired by MatchMove in Southeast Asia. MatchMove provides end-to-end services that help companies digitalize their offerings. The fintech company has seen rapid growth in Southeast Asia, including Singapore, India and Indonesia, Hong Kong, Malaysia, the Philippines, Vietnam, and Malaysia.
MatchMove CEO Shailesh Nair stated that enterprise customers can now digitally transform their supply chains. He added that this platform would allow them to provide services such as vendor payments and supply chain lending through one platform.