MatchMove, a Singapore-based fintech platform, has stepped into an agreement with P2P lender MoolahSense in order to acquire a strategic stake with immediate effect.
With this, Shailesh Naik, founder of MatchMove, will join the board of directors of MoolahSense.
The company said that the acquisition will enable MatchMove to further strengthen its ‘Spend.Send.Lend’ capability and provide access to financing to SMEs within its ecosystem, the company said in a statement.
Consequently, MoolahSense will be able to leverage MatchMove’s integrated regional partner network to tap new segments and extend its capability to fund creditworthy SMEs across Asia, the company added.
Shailesh Naik, Founder and Group CEO, MatchMove, said, “With this partnership, we will be able to leverage on MoolahSense’s capability in credit origination and scoring to serve our clients better. Furthermore, there is a natural strategic convergence between our two digital platforms to go-to-market together as a combined offering.”
MoolahSense was founded by Lawrence Yong in 2013. It is a data-driven peer-to-peer lending platform focused on SME lending. The platform claims to be the first digital lending platform to receive the full Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS).
Lawrence Yong, CEO of MoolahSense, said, “We are excited to partner with MatchMove to launch a risk-mitigated “on-tap” credit solution for curated digital ecosystems that fulfills the working capital needs of SMEs. We shall be tuning our “Lending-in-a-Box” into MatchMove’s vision of “Banking-in-any-App” to realize the dreams of many SMEs and reward the decisions of lenders.”
MatchMove has offices in India, Indonesia, Vietnam, and the Philippines.
Furthermore, the acquisition will enable MatchMove to originate potential issuers and lenders from its client ecosystem, while MoolahSense will in turn grow its loan portfolio on the back of accessing new segments and structuring new product capabilities.
Other fintech lending platform in the industry constitute of Faircent, I-lend, Lendingkart, Capital Float, Lendbox, Paytm Payments Bank, among more.