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
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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
3
regulatory licences held by MatchMove
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
8 layers disclosed in MatchMove’s embedded-finance stack
Payments / PSP
Stripe (acquiring partner for Shopmatic merchants)MatchMove FAST (self-operated, direct FAST participating NFI)Mastercard Send / Mastercard RemittanceSWIFT
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Ledger
in the full report
Lending
in the full report
Payroll
in the full report
FX & payouts
in the full report
Accounting gap: significant
13 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.