By TMR / Pic Source MoneyMatch Headquarters
FINTECH start-up MoneyMatch yesterday closed its Series A fund-raising round with RM18.5 million over two tranches.
Initially led by Cradle Seed Ventures in 2019, it has now been closed with KAF Investment Bank Bhd leading the second tranche earlier this year.
As part of the fundraising round, MoneyMatch also secured a venture debt facility under Malaysia Debt Ventures’ Technology Start-ups Funding Relief Facility.
Founded in 2015, MoneyMatch was among the first batch of fintech start-ups enrolled into Bank Negara Malaysia’s Financial Technology Regulatory Sandbox in 2017 and became a full licensee under the
Money Services Business Act in 2019. Since then, MoneyMatch has scaled up to serve over 20,000 individuals and 3,000 small and medium enterprises, while expanding operations to Australia and Brunei, with total transaction volumes exceeding RM2.3 billion since inception.
MoneyMatch said it has thrived amid the pandemic and domestic lockdowns with its digital payments business.
With the recent funding round led by KAF Investment Bank, MoneyMatch is looking to further expand its presence to Singapore and Hong Kong by year-end, along with allocating additional resources to Malaysia’s northern and southern regions.
The start-up will also participate in the local digital banking scene, with multiple consortiums looking to leverage off MoneyMatch’s proprietary cross-border payments network.
MoneyMatch CEO Adrian Yap said having KAF Investment Bank on board further validated their disruptive business model as they look to scale up with new fintech product launches and overseas expansion.
“We are also excited with the upcoming opportunities with digital banking opening up and will be working together with our investors to grow in this space,” he said.