Matchmove acquires Shopmatic to extend wallet capability

The investment will enable the digital bank contender to extend its «Banking-as-a-Service» wallet capability to Shopmatic’s ecosystem of more than 435,000 ecommerce SMEs and individual entrepreneurs across the region, it said.

MatchMove will power digital payments and cross border remittance capability to enable these e-commerce companies to make as well as receive payments seamlessly from their customers and suppliers in a safe, secure and cost-effective manner. Overtime, it will build credit-scores for SMEs against which they can access loans for their capital requirements.

Shopmatic provides turnkey solutions to small and medium-sized enterprises (SMEs) wanting to set-up an online store. This includes setting up the store-front, payment, shipping and logistics integrations, selling across multiple channels including social media and marketplaces, to sales management and customer support.