IT services provider Nityo Infotech has invested US$ 100 million in Singaporean fintech MatchMove Pay in return for a significant equity stake, becoming the largest shareholder in the latter’s firm.
Nityo said in a statement that it values the company at US$ 500 million pre-money and US$ 600 million post money, touting it to be the the next unicorn in the fintech space in Southeast Asia.
According to their press statement, with this investment, MatchMove will have access to Nityo’s executive experience in growing and expanding a global tech company, thought leadership, growth capital, large and deep talent pools around the world, and existing relationships with many leading organisations.
Headquartered in the U.S., Nityo has presence in 38 countries and more than 17,000 tech evangelists who serve over 3,000 enterprise clients today which Matchmove will have access to.
Meanwhile, MatchMove is headquartered in Singapore and provides cutting-edge embedded finance software delivered through a suite of open, configurable APIs.
Together, Nityo and MatchMove will empower any organisation to embed own-brand digital financial services in their own platforms and apps, safely and securely.
These fintech-powered platforms will enable the full spectrum of multinationals, SMEs, families, and individuals, in both developed and developing economies, to instantly and seamlessly access intuitive digital banking products that enhance their businesses and quality of life.
Naveen Kumar, Founder and CEO of Nityo commented,
“I am delighted to make this investment in MatchMove. MatchMove has developed and proven an incredible technology platform that has the power to improve people’s lives around the world.
We are very excited to be able to provide fuel for this rocket ship. This investment is the foundation of our goal to accelerate worldwide adoption of embedded digital financial services.”
Shailesh Naik, Founder and CEO of MatchMove said,
“Nityo is a world-renowned IT services provider and a vital partner to many leading multinationals, and their support gives us the power to make incredible things happen.
This investment is game-changing for MatchMove, as it will immediately give us presence in 38 countries, combined with a massive ability to execute and deliver on the rising global demand for digital payments and embedded finance.”
Featured image: Shailesh Naik, Founder and CEO of MatchMove and Naveen Kumar, Founder and CEO of Nityo