Fintech MatchMove gets US$100m shot in the arm

Singapore

FINTECH company MatchMove said it is receiving a US$100 million strategic investment from US-headquartered IT services group Nityo Infotech Corp at a US$600 million post-money valuation, which will make Nityo the startup's largest shareholder. The transaction has yet to be reflected in regulatory filings in Singapore.

The investment was made through Nityo's corporate venture arm Karma Free Capital (KFC) Ventures, which is investing from a US$250 million allocation by its parent company. The deal marks KFC's largest investment by far - it typically cuts cheques of US$5-20 million for tech startups, said Nityo's founder and chief executive Naveen Kumar.