Global technology services company Nityo Infotech has invested $100 million in Singapore fintech MatchMove in return for a significant equity stake.
The US-based firm will become the largest shareholder in the company and plans to accelerate the global distribution of its embedded finance platform.
Nityo has presence in 38 countries and claims to serve over 3,000 enterprise clients.
MatchMove is a fintech start-up that provides embedded finance software delivered through a suite of open, configurable APIs.
Naveen Kumar, founder and CEO of Nityo, says: “MatchMove has developed and proven an incredible technology platform that has the power to improve people’s lives around the world. We are very excited to be able to provide fuel for this rocket ship.
“This investment is the foundation of our goal to accelerate worldwide adoption of embedded digital financial services.”
Kumar claims the new investment takes MatchMove’s current valuation to $600 million.
Shailesh Naik, founder and CEO of MatchMove, adds: “Nityo brings us everything we need to grow: executive experience in growing and expanding a global tech company, thought leadership, growth capital, large and deep talent pools around the world and existing relationships with many leading organisations.
“This investment is game-changing for MatchMove, as it will immediately give us presence in 38 countries, combined with a massive ability to execute and deliver on the rising global demand for digital payments and embedded finance.”