The Monetary Authority of Singapore (MAS) has reportedly approved Nityo Infotech’s $100 million investment in MatchMove, a Singapore-based digital payments and banking fintech. The assent of the deal, which was originally agreed to in early summer, was reported by MatchMove. It deal breaks down into $20 million in cash and $80 million in tech services, specialist personnel, cost synergies, and enhanced sales and distribution and completes
Nityo founder and chair Naveen Kumar, along with CTO Vivek Chadha will join the MatchMove board upon completion of the details. They will help guide MatchMove’s attempt to break into the United States, Europe and South America over the next two years, as they have existing pipelines and networks in those regions
“I believe MatchMove is a global leader in B2B fintech innovation and will soon be another Southeast Asian fintech to become a unicorn,” said Kumar.
“Since we signed the term sheet, Nityo’s global business development team has begun identifying and opening up high-value client prospects for us and we are engaged with many of their long-standing, worldwide customers,” MatchMove founder and CEO Shailesh Naik said. “We now have operations in seven markets and an impressive set of new clients and high calibre employees whom we have attracted in the last 12 months.”
“I believe MatchMove is a global leader in B2B fintech innovation and will soon be another Southeast Asian fintech to become a unicorn,” Kumar added. “I am throwing the full weight of my worldwide organization behind MatchMove to accelerate their global growth and to enable them to achieve their potential. With the organic and inorganic growth they have lined up, I am confident they will become a multi-billion dollar global business.”
Nityo is based in the United States and is active in 38 countries. Their 17,000-plus tech personnel serve more than 3,000 enterprise clients.