MoneyMatch bags RM18.5mil Series A funding, to expand to HK and SG

In 2019, we wrote an update on MoneyMatch, a local fintech startup on its move from a P2P platform to a digital platform that allowed customers to send their funds overseas without the need for ‘an intermediary. Adrian Yap, CEO of MoneyMatch, said the hub was a necessary decision because people needed a faster, more efficient way to send money overseas.

At the time, one of the milestones for the company was to reach RM1 billion in transaction value on the platform. And so far, the team has revealed that it has helped clients complete transactions worth over RM2.3 billion since its inception in 2017.

While that’s an achievement in itself, it’s not the only achievement the team is celebrating in 2021.

MoneyMatch recently announced that they have successfully completed their Series A funding, raising RM18.5 million in two rounds, initially led by Cradle Seed Ventures in 2019 and KAF Investment Bank earlier this year.

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

In a press release, MoneyMatch revealed plans to expand to Singapore and Hong Kong by the end of 2021, having already expanded to Australia and Brunei so far. To better understand the ambitions and objectives of the company, we spoke with Naysan Munusamy, one of its co-founders.

Building the brand in other countries

“Singapore and Hong Kong are actually two of our top ten business destination corridors, so it’s only natural for us to move forward, get our own licenses and our presence in these countries to optimize connectivity and expand our offerings, ”said Naysan.

With 80% of their B2B transactions going through customers from a wide range of industries like trade importers and tech companies, expanding into these popular malls didn’t make sense. Once they establish their presence there, Naysan said they could then expand further and cover a larger addressable market beyond Asia.

But despite all the talk about serving big business economies, he said their hearts always put Malaysia first, to help facilitate local SMEs which they believe are underserved in the fintech circle.

Serving the underserved

While many traditional SMEs now wish to pivot, MoneyMatch wishes to support them in reducing their costs and optimizing their processes thanks to digital services.

However, they are not the only players in fintech or remittances. It is a sector prey to competition and constant innovation. That said, Naysan believes MoneyMatch still holds a candle against others, especially with technological advantages such as their cross-border blockchain connectivity with countries like India and South Korea.

Responding to the call of SMEs in need of better business solutions, Naysan said it has hired new staff in areas such as Penang and JB. And once the restrictions are lifted and businesses return to normal, they will hire more and open more branches to further expand their reach locally.

Looking further

As the first graduate of Bank Negara Malaysia’s (BNM) regulatory sandbox, Naysan believes MoneyMatch is well positioned to deliver financial technology innovations across the country. On top of that, the startup is also part of a consortium that is bidding for a local digital banking license.

When asked if he could say more about what they would offer Malaysians if they got the license, Naysan politely declined, saying, “We will let the head of our digital banking consortium announce when they are ready.” on their plans and their vision. However, he said they are “highly diversified to meet many challenges and face the market aggressively.”

We also asked Naysan if he had any advice for other fintech startups looking for funding, to which he tweeted: “No excuses! I know it sounds a bit mean, but unfortunately times are bad and investors are very suspicious. “

“However, just as some businesses are suffering, there are also many thriving industries such as e-commerce and logistics, so at the end of the day, even in difficult times like this right now, investors still have the option. invest in strong, healthy startups.

Focus completely on your critical success factors, be it net income, user base or site traffic, and impress investors with your growth and strength, even in these tough times.

Naysan Munusamy, co-founder of MoneyMatch

  • You can read more about MoneyMatch here.
  • Read what we have written about fintech in the past here.

Featured Image Credit: MoneyMatch

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