MatchMove, a Singapore FinTech, has bought eCommerce startup Shopmatic, also from the same country, for $200 million, a report said.
This shows how much the startup ecosystem in India and southeast Asia has been consolidating.
The combined entity will be called the MatchMove Group and will target revenues of $400 million and four million customers over 15 countries by 2026, including India, the companies said.
This is the first acquisition in several of them planned by MatchMove, which will work on a rounded set of offerings that will help businesses digitize themselves.
“Combining embedded finance tools such as credit card payments with eCommerce features such as social commerce will smooth the digitization journey of small and medium businesses,” said Shailesh Naik, MatchMove’s founder and chief executive officer.
The report notes the potential of eCommerce in the Asia Pacific region, which could double and hit $2 trillion by 2025.
And the two startups are in complementary realms and both have Indian founders, along with most of their businesses located there.
Shopmatic’s services allow businesses to add eCommerce tools for digitizing inventory, social commerce, web stores and automating access to the world’s biggest markets.
MatchMove’s customers can customize and embed financial services like banking or credit card services.
PYMNTS wrote in 2020 about MatchMove’s deal to buy a “strategic stake” in Shopmatic.
The report said Shopmatic’s opinion was that this would gain new customers and add some new growth.
MatchMove, based in Singapore, also intended to extend its banking-as-a-service capabilities to the Shopmatic system.
Part of Shopmatic’s business includes helping business owners boost their sales through accessing new markets, through online channels and point of sale solutions.
Shopmatic said in an announcement that its plan was to use MatchMove’s “reach and network” to get more customers and grow the platform.