What's US$100m? MatchMove deal points to opacity in fundraising

FINTECH startup MatchMove announced in June that it had secured US$100 million from IT services group Nityo Infotech. But more than five months on, regulatory records indicate that no funding has come through.

Nityo, a US-based outsourcing company, agreed to invest in MatchMove on the condition that a majority of the funding is in the form of services instead of cash, sources with knowledge of the matter said.

The deal is unusual because non-cash startup fundraising of this size is rare in South-east Asia and raises questions about the conditions surrounding such transactions and how they are publicly portrayed.