Singaporean mobile payments platform MatchMove Pay recently announced completing a ‘significant’ investment round, with Japanese financial services giant Credit Saison as the lead investor. Industry sources have told e27 that the figure is in the ballpark of US$30 million.
GMO Venture Partners also participated in the round.
As Credit Saison becomes a key shareholder of MatchMove Pay, Akihiro Matsuda, Managing Director of Credit Saison Asia Pacific and Board Member of Credit Saison in Japan, will join the Board of Directors of MatchMove Pay with immediate effect.
Hiroshi Rinno, President and CEO, Credit Saison said, “Based on our experience in an advanced market like Japan, we believe that Southeast Asia will evolve into a cashless society as the growth of credit cards, prepaid cards and smartphone payments continue to gain momentum.”
With an estimated growth to 300 million Internet users in Southeast Asia, the region is set to become one of the world’s fastest-growing markets for e-commerce, with online and mobile-based purchases expected to exceed US$22 billion in 2015, stated a company report.
“Credit Saison’s investment in MatchMove Pay is true affirmation of our product’s potential, future roadmap and our vision to bring the millions of uncarded and unbanked shoppers with smartphones into the e-commerce economy, with ease and security,” said Shailesh Naik, CEO, MatchMove Pay.
Naik informed e27 that the funds would go in mainly two directions. Half of it would roughly be for product development as the company has signed a deal with MasterCard to come onto the platform and to enable cross border transfers and the availability of gift cards. The other half will be for global expansion; the company revealing that by the end of the year, it intends to open up offices in Europe and South America, as well as expand its reach in the Southeast Asian market, with the service being released in Vietnam and the Philippines at the end of January 2015 and Indonesia by April.
The MatchMove Pay CEO revealed that few banks are also to come on the platform and MatchMove expects to see 10-15 million cards issued by mid 2015 in the region via its service. It also plans to release its own API to allow app developers to enable mobile payments via in-app purchases.