MatchMove believes that the acquisition of MoolahSense will enhance its capability to address SME lending for creditworthy businesses across Asia
Image: MatchMove acquires stake in P2P lender MoolahSense. Photo: Courtesy of ldyshah/Pixabay.
Bank-as-a-service provider MatchMove has acquired a strategic stake in MoolahSense, a Singapore-based peer-to-peer lending platform, for an undisclosed amount.
Established in 2013, MoolahSense is claimed to be the first fintech to have received a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).
MoolahSense offers short-term business loans to small and medium enterprises (SMEs) and helps businesses grow via a collaborative funding platform. The firm offers the investor community with more choices with better yields.
The deal will enable MatchMove to strengthen its Spend.Send.Lend capability and offer access to financing to SMEs within its ecosystem. Similarly, MoolahSense will also be able to leverage MatchMove’s integrated regional partner network, tap new segments and extend its capability to fund creditworthy SMEs across Asia.
The investment is also aligned with MatchMove’s strategy of acquiring adjacent and complementary businesses.
MatchMove founder and group CEO Shailesh Naik said: “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.”
As part of the deal, Shailesh Naik will join the MoolahSense board of directors
MatchMove also stated that it will be able to originate potential issuers and lenders from its client ecosystem to further enhance its essential ‘banking-as-a-service’ proposition.
MoolahSense is expected to in turn grow its loan portfolio on the back of accessing new segments and structuring new product capabilities.
MatchMove Investments senior vice president Nisha Paramjothi said: “This deal will enable us to unlock synergies and further build product and market depth within lending, creating greater utility for and building even longer-term relationships with our clients.”
MoolahSense CEO Lawrence Yong said: “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.”