MoneyMatch, a cross-border fee firm headquartered in Kuala Lumpur, introduced the closing of its Collection A fundraising spherical totalling MYR 18.5 (US$4.4) million.
The fund was raised over two tranches. The preliminary tranche was led by Cradle Seed Ventures in 2019 whereas the second by KAF Funding Financial institution early this 12 months.
This additionally features a enterprise debt facility secured from Malaysia Debt Ventures by means of its Know-how Startups Funding Aid Facility.
MoneyMatch stated in a press release that it’ll use the proceedings to broaden its presence to Singapore and Hong Kong by the year-end. It can additionally allocate further assets to Malaysia’s northern and southern areas because it seems to be to ramp up its presence each nationally and internationally.
“We see great alternative in Singapore and Hong Kong because it allows us to supply our companies to Malaysians and Malaysian-owned companies in these markets initially. Secondly, it additionally allows us to broaden our companies to corporations in Malaysia that export to those international locations,” co-founder Adrian Yap advised e27.
Additionally Learn: Malaysia’s central financial institution grants approval in precept to fintech startup MoneyMatch
The startup has additionally introduced that will probably be collaborating within the native digital banking scene, with a number of consortiums. The names of the opposite entities within the consortium weren’t disclosed.
Based in 2015 by former bankers Adrian Yap and Naysan Munusamy, MoneyMatch is a multinational monetary know-how agency specialising in worldwide funds. Its digital platform claims to have executed over MYR 2.3 billion (US$500 million) in transactions overlaying cross-border commerce funds and particular person remittances.
MoneyMatch was amongst the primary batch of fintech startups enrolled into Malaysian central financial institution BNM’s fintech regulatory sandbox in 2017.
Since then, MoneyMatch has scaled as much as serve over 20,000 people and over 3,000 small and medium enterprises (SMEs) in Malaysia, while additionally increasing operations to Australia and Brunei.
Since beginning operations in mid-2017, the startup has grown to over 70 full-time workers.
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Picture Credit score: MoneyMatch
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