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22 May 2018

MatchMove and SlicePay Launch First-of-its-kind Pay-later Card for 50,000 Millennials in India

This savvy and underserved segment can enjoy worry-free payments and receive personalized lending solutions on a single platform.

Singapore and Bangalore, 22 March 2018 – MatchMove, one of the world’s fastest growing and most disruptive fintech companies, together with SlicePay, India’s pioneering credit provider for young adults and college students, today announced the launch of a first-of-its-kind pay-later card powered by MatchMove.

With MatchMove’s unique platform, SlicePay is able to empower more than 50,000 millennials with the ability to use their pay-later cards, make frictionless online payments to merchants with a major card network, monitor and track their expenditure, as well as receive customized lending solutions. SlicePay had been disbursing loans to students using prepaid vouchers and cash which had been a challenge. Handling these came with business costs and risks of pilferage. For the students, it was not easy to track and manage their expenses.

With 700 universities and more than 35,000 affiliated colleges in India, the country presents a large segment of 30 million savvy and underserved students who contribute to approximately 25 percent of India’s e-commerce activities. Using MatchMove’s platform, SlicePay can now quickly fill the gap for this segment that falls outside of the formal credit system by empowering them to pay for mobile recharge, get data packs, emergency cash, head out on a trip, gift their loved ones, buy new laptops and much more, without having to worry about cash upfront.

Rajan Bajaj, Co-founder and CEO of SlicePay, said, “Selecting MatchMove as our partner was a clear choice. Unlike many other companies which we evaluated, we were impressed with MatchMove’s best in class technology which helps solve a big challenge in our business and allows us to scale up rapidly. With this, we are confident in building a smarter and simpler worry-free payments solution for the Indian millennial population. We will be on track to meet our targets of expanding our presence in other major cities in India and achieving a user base of 500,000 customers by end-2018.”

Kumar Srinivasan, CEO of MatchMove India, said, “Partnering with SlicePay further affirms our pole position in digital payments and next-generation banking. Our scalable platform has successfully helped many global companies to digitize cash. Clients from various industries have entrusted us to deliver unmatched solutions capable of addressing tomorrow’s needs in digital payments.”

About SlicePay

SlicePay is an alternate lending pioneer and provides credit to non-salaried millennials in India, especially college students and recent graduates. SlicePay has partnered with leading Non-Banking Financial Companies in India, who provide this credit based on SlicePay’s unique credit model. The company has more than 2.5 lakhs registered users and has disbursed more than 45k loans to their customers. SlicePay is present in Bangalore, Chennai, Pune and Vellore and is considered an aspirational brand in this market.

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About MatchMove

MatchMove is one of the world’s fastest growing and most disruptive fintech companies in digital payments and next-generation banking.

MatchMove’s proprietary Banking Wallet OSTM enables ‘Banking As A Service’ and the capabilities of Spend, Send, LendTMwithin any app to empower businesses and their customers and partners to Spend, whether online or in a brick and mortar store, Send, whether P2P domestic transfers or cross-border remittances or mass disbursements to global recipients, and Lend, where based on users’ spending and sending patterns, a data score would be assigned and lending solutions would be customized and offered to the users, all on a single platform.

Envisioning a financially inclusive world as it wages a war on cash, MatchMove’s Spend, Send, Lend™ capabilities help enterprise clients digitize payments and give the financially underserved segments the empowerment to move their money anytime, anywhere they wish.

MatchMove is licensed by the Monetary Authority of Singapore and authorized by leading card networks to issue virtual and physical cards directly to users in approved jurisdictions, or anywhere else in the world with partner banks.

MatchMove has been recognized with international awards for being a promising and an innovative organization, as well as for being a preferred employer.

MatchMove is headquartered in Singapore with offices in Vietnam, Indonesia, India, Philippines, and the USA. It is opening new offices in South Africa and Dubai to support its global expansion.

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Alicia Neo