9 March 2022
Funding Societies and MatchMove partner to widen credit access for MSMEs in Singapore
Singapore, 9 March 2022 – Southeast Asia's leading SME digital financing platform Funding Societies has selected Banking-as-a-Service (BaaS) provider MatchMove to offer virtual card solutions to their Micro, Small, and Medium-size enterprises (MSME) clients in addition to their approved loans at affordable interest rates. This partnership will solve the growing need for MSMEs to manage their digital business expenses.
Even though MSMEs are a key pillar of Singapore’s economy, contributing 43% of its GDP , they face challenges in accessing affordable financing at the right time. To overcome this, owners of MSMEs often use personal credit cards to make online business payments. Using a personal credit card, in turn, leads to higher fees and transaction costs for MSME owners, while sometimes leaving them with insufficient card limits to process a business transaction.
Funding Societies bridges this gap by providing MSMEs in Singapore with a suite of financial solutions including affordable short-term unsecured business financing, credit lines, and expense management tools. Using MatchMove enabled Mastercard-branded Elevate, Funding Societies will extend interest-free credit lines to MSMEs on the virtual cards for a period of up to 55 days, while solving the biggest problem of digital procurement for MSMEs. Further, the MSMEs enjoy all the privileges of the Mastercard world debit card.
“MatchMove is committed to improving digital financial inclusion across the region, for individuals and businesses, and we are excited to partner with Funding Societies in taking this vision forward. The M-JIT™ solution is uniquely tailored allowing Funding Societies to decide on the real-time funding requests originating on the MatchMove platform with the convenience of receiving and responding to these requests on their own platform. Thus, eliminating any under or over-funding issues to manage their client’s account balances. We are confident that this solution will ensure better time and money management for Funding Societies while providing affordability and convenience to their MSME clients,” said MatchMove’s Chief Commercial Officer, Amar Abrol.
“Providing financing solutions and resolving the financing gap to credit-worthy and currently under-served MSMEs has been core to the growth of Funding Societies. Our virtual card, Elevate, comes as part of our expansion into products beyond lending, and this collaboration with MatchMove and Mastercard is important in our charge at the forefront of MSME banking needs,” said Shrawan Saraogi, Funding Societies, Group Head of Strategy, New Business.
About MatchMove
MatchMove is a fast-growing and disruptive fintech company in digital payments and banking. The company's proprietary Banking OS™ enables Embedded Banking and the capabilities of Spend.Send.Lend.Defend.Ascend™ within our clients’ existing apps. Envisioning a financially inclusive world, MatchMove's solutions help enterprise clients digitalize payments and give financially underserved segments the power to move their money anytime and anywhere. MatchMove is licensed by the Monetary Authority of Singapore and authorized by leading card networks to issue virtual and physical cards along with virtual wallet accounts directly to users in approved jurisdictions, or anywhere else in the world with partner banks. MatchMove is one of the first NFI members of the FAST payments network in Singapore, thus authorized to provide faster and real-time payments to clients. The company is headquartered in Singapore with offices in India, Indonesia, Vietnam, Hong Kong, Malaysia, and the Philippines. For more information related to MatchMove’s services, please visit www.matchmove.com.
About Funding Societies
Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia, expanding into a leading SME neobank. It is licensed and registered in Singapore, Indonesia, Thailand, Malaysia, and operates in Vietnam. It is backed by SoftBank Vision Fund, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to small and medium-sized enterprises (SMEs), annualizing US$1 billion disbursements in 2021. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019, and ASEAN Startup of the Year by Global Startup Awards in 2020. In 2021, it was honourably mentioned as Responsible Digital Innovator of the Year by the World Bank IFC SME Finance Forum and won the MAS Fintech award for the second time. For more information, visit www.fundingsocieties.com. To sign up for Funding Societies’ virtual card, please visit https://fundingsocieties.com/credit-line.
For all media enquiries, please contact
Hume Brophy, on behalf of MatchMove Pay MatchMove@HumeBrophy.com
Funding Societies, Glennice Yong Senior PR & Communications Executive Glennice.Yong@FundingSocieties.com
