MoneyMatch bags RM18.5mil from series A, for expansion to HK and SG

In 2019, we wrote an article about updating MoneyMatch, a local fintech startup on its pivot from the P2P platform to a digital platform that allowed customers to send their funds abroad without the need for intermediaries. Adrian Yap, CEO of MoneyMatch, said it was a necessary move because people need a faster and more efficient way to send money abroad.

At the time, one of the company’s milestones was achieving RM1 billion in transaction value on the platform. And accelerated to date, the team has revealed that they have helped customers in transactions over 2.3 billion RM since its founding in 2017.

While this is a feat in itself, it is not the only achievement the team is celebrating in 2021.

MoneyMatch they recently announced that they have successfully closed their Series A funding, raising RM 18.5 million in two rounds, originally led by Cradle Seed Ventures 2019 and KAF Investment Bank earlier this year.

With the pandemic offsetting the demand for faster and safer low-touch solutions, e-commerce and fintech players like MoneyMatch knew they needed to step up and offer more solutions for their customers.

In a press release, MoneyMatch revealed its plans to expand to Singapore and Hong Kong by the end of 2021, after having already expanded to Australia and Brunei. To further understand the ambitions and goals of the company, we spoke with Naysan Munusamy, one of its co-founders.

Brand building in other countries

“Singapore and Hong Kong actually represent two of our top ten business destination corridors, so it’s natural for us to thrive, gain our own licensing and a foothold in those countries to optimize connectivity and expand our offering,” Naysan said.

Given that 80% of their transactions were B2B through clients from a wide range of industries such as trade importers and technology companies, expanding into these popular malls only made sense. Once they step up their presence there, Naysan said they can then expand further and cover a larger addressed market outside of Asia.

But despite all talk of servicing major trade economies, he said their heart still puts Malaysia first, to help local SMEs they feel are underserved in the fintech circle.

Serving the underserved

Since many traditional SMEs now want to turn around, MoneyMatch wants to help them reduce costs and optimize the process with digital services.

However, they are not the only players in fintech or remittances. It is a sector full of competition and constant innovation. However, Naysan believes MoneyMatch still holds the candle against others, especially with technological advantages like their cross-border blockchain connectivity with countries like India and South Korea.

To respond to a call from SMEs in need of better business solutions, Naysan said they have hired new staff in areas such as Penang and JB. And once the restrictions are lifted and companies return to normal, they will hire more and open more outlets to further expand their reach locally.

Looking further down the line

Like first graduate regulatory framework of Bank Negara Malaysia (BNM), Naysan believes that MoneyMatch is in a good position to provide innovation in financial technologies across the country. On top of that, the startup is also part of a consortium competing for a local digital banking license.

Asked if he could share more about what they would offer Malaysians if they got a license, Naysan politely declined, saying, “We will leave this to the leadership of our digital banking consortium to announce when they are ready for their plans and vision. However, he said that they are “very diverse in order to cope with numerous challenges and aggressively accept the market”.

We also asked Najsan if he had any advice for other fintech startups looking for funds, to which he tweeted, “No excuses! I know this sounds a bit nefarious, but unfortunately, the times are bad and investors are very cautious. “

“However, just as some companies suffer, there are many thriving sectors, such as e-commerce and logistics, so at the end of the day, even in bad times like this at the moment, investors still have opportunities to invest in strong healthy startups. “

Focus entirely on your key success factors – whether it’s net revenue, customer base, or website traffic, and impress investors with your growth and strength even in these difficult times.

Naysan Munusamy, co-founder of MoneyMatch