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MatchMove

“Can a MAS-licensed BaaS platform become the default embedded-finance rails for fintechs, payroll providers, and BNPL platforms across Asia and the Middle East?”

Founded2009
HQSingapore
FoundersShailesh Naik
Total raised$100M+ equity + $3M debt facility
Latest roundDebt facility, Fuse Capital
IndustryInfrastructure / BaaS
The story

Founded 2009 in Singapore as a wallet-and-cards fintech, MatchMove evolved into a Banking-as-a-Service platform (Banking Wallet OS™ / MMBOS) selling 'A Bank in Any App™' to enterprises. In 2020 it pursued a Digital Full Bank license (not awarded) and remained a Major Payment Institution under MAS. The 2022 Shopmatic acquisition pushed it into e-commerce-plus-BaaS, and the company now monetises card issuing, virtual accounts, FAST payments, cross-border remittance, and crypto-to-fiat conversion across Asia and the Middle East.

Last 12 months
—
Product timeline
2009
MatchMove Pay Pte Ltd incorporated in Singapore.· founding
2018
Launched facial biometric verification within Banking Wallet OS for user onboarding.· product
2020
Submitted Digital Full Bank License application to MAS with Singapura Finance, Lightnet, and OpenPayd.· regulatory
2021
Nityo Infotech invested $100M, becoming largest shareholder.· funding
2022
Acquired Shopmatic in a $200M deal to combine BaaS with e-commerce.· acquisition
2022
Partnered with Funding Societies to offer virtual cards to MSMEs in Singapore.· lending
2023
Integrated Stripe payments to provide acquiring for Shopmatic merchants.· partnership
Regulated entities
Major Payment Institution License
Singapore (MAS) · 2020
MatchMove Pay Pte Ltd
Money Changing and Remittance License
Singapore (MAS)
MatchMove Pay Pte Ltd
Mastercard Principal Member
Global
MatchMove Pay Pte Ltd
The stack
Payments / PSP
Stripe (acquiring partner for Shopmatic merchants)MatchMove FAST (self-operated, direct FAST participating NFI)Mastercard Send / Mastercard RemittanceSWIFT
Banking / BaaS
MatchMove Pay Pte Ltd (in-house, MAS Major Payment Institution)
Card issuing
MatchMove (in-house, Mastercard Principal Member)
Ledger
MatchMove Banking Wallet OS™ / MMBOS (in-house)
Lending
MatchMove (in-house) + Funding Societies partnershipBNPL infrastructure for Southeast AsiaSME Lending (industry vertical)Virtual card programs for Funding Societies MSME borrowersSpend.Send.Lend™ suite
Payroll
MatchMove (in-house)
FX & payouts
MatchMove (in-house, Mastercard Remittance + SWIFT)Mastercard Send / Mastercard RemittanceSWIFT correspondent network
Accounting gap: significant