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Malaysian fintech MoneyMatch Sdn Bhd has announced a successful closing of its Series A round totaling US$4.43 million (RM18.5 million) over two tranches, initially led by Cradle Seed Ventures in 2019 and now closed with KAF Investment Bank leading the second tranche earlier this year, subject to final regulatory approval. As part of the fundraising round, MoneyMatch also secured a venture debt facility under Malaysia Debt Ventures’ Technology Startups Funding Relief Facility. Adrian Yap, the CEO of MoneyMatch, said, “We are incredibly excited to bring KAF Investment Bank into our family and with their strong reputation in the financial markets and investment circles; this further validates our disruptive business model as we look to scale up now with new fintech product launches and overseas expansion in the coming months. We are also really excited with the upcoming opportunities with digital banking opening up and will be working together with our investors to grow in this space.” Founded in 2015 by former bankers Adrian and Naysan Munusamy, MoneyMatch was amongst the first batch of fintech startups enrolled into Bank Negara Malaysia’s Financial Technology Regulatory Sandbox in 2017, and successfully graduated to become a full licensee under the Money Services Business Act in 2019. Since then, MoneyMatch has scaled to serve over twenty thousand individuals and over three thousand small and medium enterprises (SMEs) in Malaysia whilst also expanding operations to Australia and Brunei, with total transaction volumes exceeding US$550 million (RM2.3 billion) covering cross border trade payments and individual remittances.

KUALA LUMPUR: MoneyMatch has received an apporval in principle for a Class B remittance licence from Bank Negara Malaysia to carry out digital remittancce services for business and individuals. The fintech startup said on Monday it was among the first approved to conduct eKYC (electronic know-your-cust...)

...This was announced during a session titled “Thinking Inside the Sandbox” at MyFintech Week 2019 jointly organised by Bank Negara Malaysia and MDEC. This announcement follows the news of MoneyMatch’s approval in principle for a class-b remittance license just last April...