MoneyMatch bags: financing of the series A of 18.5 million euros, to expand to HK and SG – Health Guild News


In 2019, we wrote an update piece about MoneyMatch, a local startup of fintech technology at its pivot from a P2P platform to a digital platform that allowed customers to send their funds abroad without the need for an intermediary. Adrian Yap, CEO of MoneyMatch, said the pivot was a necessary move because people needed a faster and more efficient way to send money abroad.

At the time, one of the company’s goals was to reach RMS 1 billion in the value traded on the platform. And advancing rapidly to date, the team revealed that they have helped customers transact more than RMB 2.3 billion since its inception in 2017.

While this is a feat in itself, it is not the only achievement the team is celebrating in 2021.

MoneyMatch it has recently announced that they have successfully closed their Series A funding, raising RMS 18.5 million in two rounds, initially led by Cradle Seed Ventures in 2019 and KAF Investment Bank earlier this year.

With the pandemic supplementing the demand for faster and safer low-touch solutions, e-commerce and fintech players, like MoneyMatch, knew they had to step up and offer more solutions to their customers.

In a press release, MoneyMatch revealed its plans to expand to Singapore and Hong Kong in late 2021, having so far expanded to Australia and Brunei. To further understand the company’s ambitions and goals, we spoke with Naysan Munusamy, one of its co-founders.

Building the brand in other countries

“Singapore and Hong Kong actually represent two of our top ten business destination brokers, so it’s only natural that we move forward, get our own licenses, and establish our position in these countries to optimize connectivity and expand our offerings.” , said Naysan.

Because 80% of your transactions are B2B through customers in a wide range of industries, such as commercial importers and technology companies, expanding to these popular malls only made sense. Once their presence there was consolidated, Naysan said they could expand further and cover a more accessible airship market beyond Asia.

But despite all the talk of serving larger business economies, he said his heart still puts Malaysia first, to help make it easier for local SMEs who feel they are undervalued in the fintech technology circle.

Serving the least served

With many traditional SMEs now wanting to pivot, MoneyMatch wants to help them reduce their costs and optimize their processes with digital services.

However, they are not the only players in fintech or remittance technology. It is a sector full of competition and constant innovation. That said, Naysan believes MoneyMatch still holds a candle against the rest, especially with technological advantages like its cross-border connectivity in countries like India and South Korea.

To respond to the call of SMEs in need of better business solutions, Naysan said they have hired new staff in areas like Penang and JB. Once restrictions are lifted and companies return to normal, they will hire more and open more offices to further expand their local reach.

Looking down

Like the first graduate of the bank’s regulatory body Negara Malaysia (BNM), Naysan believes MoneyMatch is well positioned to deliver financial technological innovations across the country. In addition, the startup is also part of a consortium bidding for a local digital banking license.

When asked if he could share more information about what they would offer Malaysians in case they get the license, Naysan politely declined and said, “We will leave this to the leadership of our digital banking consortium to announce when they are ready to to their plans and vision “. ”However, he said they are“ strongly diversified to face numerous challenges and face the market aggressively ”.

We also asked Naysan if he had any advice for other fintech technology startups looking for funding, to which he replied, “No excuses! I know this sounds a little bad, but unfortunately the times are bad and investors are wary.

“However, just as some companies suffer, there are also many sectors that are flourishing, such as e-commerce and logistics, so that at the end of the day, even in bad times such as, investors they still have options for investing in healthy startups. “

Focus entirely on your critical success factors, whether it’s net income, user base or site traffic, and impress investors with your growth and strength even in these difficult times.

Naysan Munusamy, co-founder of MoneyMatch

  • You can learn more about MoneyMatch here.
  • Read what we’ve written about fintech in the past here.

Credit for featured images: MoneyMatch

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