MatchMove Buys Singapore Startup Shopmatic for $200 Million

Singapore-headquartered fintech MatchMove Pay Pte. has acquired fellow e-commerce startup Shopmatic Pte. for $200 million, a deal that signals consolidation in the startup ecosystem in India and Southeast Asia.

The combined entity, which will operate as the MatchMove group, will target revenues of $400 million and four million customers in 15 countries, including India, by 2026, the startups said in a joint statement.

“Combining embedded finance tools such as credit card payments with e-commerce features such as social commerce, will smoothen the digitization journey of small and medium businesses,” said Shailesh Naik, MatchMove’s founder and chief executive ...