After winning coveted digital banking licence, MoneyMatch starts Series B funding round

Among the consortiums that obtained digital banking licences last week was one led by KAF Investment Bank, a name that many might say came out of left field. But in that consortium is one familiar participant, a company that Vulcan Post has previously talked to several times—MoneyMatch.

After closing its RM18.5 million Series A funding in 2021, the fintech company did announce that it was part of a consortium bidding for a digital banking licence, but a lot of details were left up in the air. 

Now encouraged by the successful digital licence application, the company is launching its Series B fundraising round, less than a year after its first round.

They’re already in talks with several local and regional investors, investment banks, and venture capital funds, aiming to close the round by the middle of 2022.

This round of fundraising will help MoneyMatch ramp up its investments in leading-edge technologies, upgraded financial infrastructure, and business development scale-up efforts to new countries in the region.

The multinational fintech company’s core business is to allow customers to send funds abroad in a low-cost and transparent manner. According to its website, it has seen over RM3.2 billion transactions since it was launched in 2017.

On top of this, MoneyMatch also has a history with Bank Negara Malaysia, becoming the first graduate of BNM’s regulatory sandbox three years ago. 

Another member of the consortium, Jirnexu (known for its price comparison site, RinggitPlus), was also a graduate of the sandbox. The remaining member of the consortium is Carsome, a local car e-commerce platform.

With these powerhouses being part of the consortium, we can see why the KAF-led group was selected to receive a digital banking licence. 

In a press release, Adrian Yap, the CEO of MoneyMatch, said that the company believes the consortium has the right resources in place to serve the underserved MSME segments. 

Whether he’s right about that, the next one to two years as the consortium prepares for operational readiness will tell.

We’ve reached out to Naysam Munusamy, the co-founder of MoneyMatch to learn more about the company’s goals after acquiring the digital banking licence, and how it will change the course of their business. Once we get his answers, we’ll be updating the piece accordingly.

Featured Image Credit: MoneyMatch