In 2019, we wrote an replace piece on MoneyMatch, a neighborhood fintech startup on their pivot from a P2P platform to a digital platform that allowed prospects to ship their funds overseas with out the necessity of a intermediary. Adrian Yap, CEO of MoneyMatch mentioned the pivot was a needed transfer as a result of folks wanted a sooner and extra environment friendly technique to ship cash abroad.
Again then, one of many milestones of the corporate was to hit RM1 billion in transacted worth on the platform. And quick ahead to right now, the staff revealed that they’ve helped prospects transact over RM2.3 billion since its inception in 2017.
Whereas that could be a feat by itself, it’s not the one achievement the staff is celebrating in 2021.
MoneyMatch lately introduced that they’ve efficiently closed their Collection A Funding, elevating RM18.5 million in two rounds, initially led by Cradle Seed Ventures in 2019 and KAF Funding Financial institution earlier this 12 months.
With the pandemic supercharging the demand for sooner and safer low-touch options, e-commerce and fintech gamers akin to MoneyMatch knew they needed to step up and provide extra options for his or her prospects.
In a press launch, MoneyMatch revealed their plans to develop into Singapore and Hong Kong by the tip of 2021, after already increasing to Australia and Brunei so far. To additional perceive the ambitions and the targets of the corporate, we spoke with Naysan Munusamy, one in every of its co-founders.
Constructing the model in different nations
“Singapore and Hong Kong really symbolize two of our prime ten enterprise vacation spot corridors, so it’s pure for us to progress, to achieve our personal licensing and foothold in these international locations to optimise connectivity and develop our choices,” mentioned Naysan.
With 80% of their transactions being B2B by way of purchasers from a variety of industries like commerce importers and expertise companies, the enlargement into these well-liked commerce centres solely made sense. As soon as they’ve constructed up their presence there, Naysan mentioned they’ll then develop additional and canopy a bigger addressable market past Asia.
However regardless of all of the speak of servicing bigger commerce economies, he mentioned their coronary heart nonetheless places Malaysia first, to assist facilitate native SMEs which they really feel are underserved within the fintech circle.
Serving the underserved
With many conventional SMEs now desirous to pivot, MoneyMatch needs to help them in lowering their price and optimising their processes with digital providers.
Nevertheless, they’re not the one gamers in fintech or remittance. It’s a sector rife with competitors and fixed innovation. That mentioned, Naysan believes that MoneyMatch nonetheless holds a candle towards the remaining, particularly with technological benefits akin to their cross-border blockchain connectivity to international locations akin to India and South Korea.
To reply the decision of SMEs in want of higher enterprise options, Naysan mentioned they’ve employed new personnel in areas akin to Penang and JB. And as soon as restrictions carry and companies return to regular, they are going to be hiring extra and opening up extra branches to additional prolong their attain regionally.
Wanting additional down the road
Because the first graduate of the Financial institution Negara Malaysia (BNM) regulatory sandbox, Naysan feels MoneyMatch is well-positioned to ship monetary expertise improvements throughout the nation. On prime of that, the startup can also be a part of a consortium that’s bidding for a neighborhood digital banking license.
When requested if he may share extra on what they might offer to Malaysians ought to they get the license, Naysan politely declined, saying, “We are going to go away that to our digital banking consortium’s result in announce when they’re prepared on their plans and imaginative and prescient.” Nevertheless, he did say that they’re “strongly diversified to deal with quite a few challenges and take in the marketplace aggressively”.
We additionally requested Naysan whether or not he had any recommendation for different fintech startups who’re looking for funding, to which he chirped: “No excuses! I do know this sounds a bit imply, however sadly, occasions are unhealthy and traders are very cautious.”
“Nevertheless, simply as some companies are struggling, there are additionally many sectors that are flourishing akin to e-commerce and logistics so on the finish of the day, even in unhealthy occasions like this proper now, traders nonetheless have choices to spend money on robust wholesome startups.”
Absolutely focus in your important success components—whether or not that’s internet revenues, consumer base or website visitors, and impress traders together with your progress and energy even throughout these powerful occasions.
Naysan Munusamy, co-founder of MoneyMatch
- You may be taught extra about MoneyMatch here.
- Learn up on what we’ve written about fintech prior to now here.
Featured Picture Credit score: MoneyMatch