“Bank-As-A-Service” platform MatchMove has reportedly finalized an agreement with MoolahSense, a licensed peer-to-peer (P2P) lending firm. The deal involves a strategic stake, which will take effect immediately.
CEO of MoolahSense Lawrence Yong noted:
“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.”
As a data-driven P2P lender, MoolahSense mainly focuses on lending to small and medium-sized companies (SMEs), and conducts business under a Capital Markets Services (CMS) license, issued by the Monetary Authority of Singapore (MAS).
The acquisition will allow MatchMove to enhance its Spend.Send.Lend™ capability and provide financing services to SMEs within its decentralized lending ecosystem. Meanwhile, MoolahSense will be able to access MatchMove’s integrated regional partner network, in order to work with new market segments and expand its operations to fund established SMEs in Asia.
Founder and Group CEO of MatchMove Shailesh Naik stated:
“This combination makes perfect sense as we see access to funding as a key enabler for many of our growing clients. 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.”
MatchMove will be able to find new issuers and lenders from its existing customer base, which will improve its “banking-as-a-service” platform.
MoolahSense will be able to grow its loan portfolio by accessing new market segments while also developing new product capabilities.