MoneyMatch announced that it had raised an undisclosed amount in pre-Series A funding led by Cradle Seed Ventures.
At the same time, the startup also announced that they had been granted approval in principle for a Class B remittance license from Bank Negara Malaysia (BNM) to carry out digital remittance services for businesses and individuals.
The startup was the first to be approved by BNM's Financial Technology Enabler Group (FTEG) to conduct eKYC (electronic know-your-customer onboarding technology) to execute transactions online via their mobile app enabling a seamless customer experience.
It was part of the first batch of approved participants in BNM's Regulatory Sandbox back in May 2017 and hopes to successfully become the first fintech startup to graduate from the Sandbox by the middle of this year.
MoneyMatch claims that it has crossed over US$110 million (RM450 million) in transaction value servicing thousands of individuals and business customers since inception in 2017.
The startup also said that it has one of the cheapest forex rates and fees in the market with a significantly faster transmission period compared to other banks, and currently employs more than 50 full-time staff.
MoneyMatch aims to raise more investments to fund its aggressive expansion within the Asia Pacific region.
