KUALA LUMPUR, July 14 — Malaysian fintech startup MoneyMatch Sdn Bhd has secured RM18.5 million through its Series A fundraising, initially led by Cradle Seed Ventures in 2019 and now closed by KAF Investment Bank.It said as part of the fundraising round, MoneyMatch also secured a venture debt facility under Malaysia Debt Ventures’ Technology Startups Funding Relief Facility.
MoneyMatch said it was looking to further expand its presence to Singapore and Hong Kong by year-end, along with allocating additional resources to Malaysia’s northern and southern regions as the startup looks to ramp up its presence both nationally and internationally. The startup has announced that it would participate in the local digital banking scene, with multiple consortiums looking to leverage off MoneyMatch’s proprietary cross-border payments network.
Founded in 2015 by former bankers, MoneyMatch was among the first batch of fintech startups enrolled into Bank Negara Malaysia’s Financial Technology Regulatory Sandbox in 2017. It graduated to become a full licensee under the Money Services Business Act in 2019. MoneyMatch said it had since scaled up to serve over 20,000 individuals and over 3,000 small and medium enterprises in Malaysia while also expanding operations to Australia and Brunei, with total transaction volumes exceeding RM2.3 billion. — Bernama