Global professional services firm KPMG has acquired Johannesburg and Hong-Kong based Matchi to create a powerful FinTech resource.
The details of the deal have not been disclosed.
KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has more than 189,000 people working in member firms around the world.
FinTech is revolutionising the financial services landscape and it has created a new marketplace for innovation.
Matchi is at the forefront of identifying breakthrough FinTech technology.
The firm forged a global alliance with KPMG helping selected clients with their FinTech and innovation agendas.
The Matchi platform includes more than 700 curated FinTech solutions and a database of more than to solving their business problems and pursuing new market opportunities.
Last year, the company signed an alliance with KPMG to enable firms to use its Matchi platform and it’s wider, global FinTech communities in advising clients on the optimal innovations to help deliver on their strategic initiative.
Financial institutions can search for a specific company or solution, or they can use the platform’s proprietary “Innovation Challenge” capability to present specific problem statements to the global FinTech market and receive recommendations on solutions from Fintech innovators
“The acquisition of Matchi by KPMG strengthens our FinTech market proposition,” says Pierre Fourie, Financial Services Director for KPMG in South Africa.
“The Matchi platform offers a curated approach that is much more rigorous than FinTech databases that merely provide lists. Its design makes it easy to identify, match and enable collaboration with the most innovative FinTech’s and global solutions to address the most pressing needs of clients. We are in the unique position in South Africa in that the Matchi skills are based here.”
Since its inception in 2013, Matchi has connected more than 100 leading banks and insurance companies with FinTech innovations, including solutions in next generation payments, tech, blockchain and P2P insurance.
“Combining the Matchi platform with the exceptional knowledge and skills of KPMG professionals creates a powerful FinTech resource,” says David Milligan, Matchi CEO.
“Together, we are positioned to help clients find and deploy the FinTech solutions that are most relevant to their business needs. We are fulfilling the promise of collaboration between financial institutions and FinTech firms, which can ultimately benefit all consumers and businesses.”
New features and functionality are being planned for the Matchi platform in coming months.
“This acquisition will provide the South African market with quick and easy access to the best global solutions. South African FinTech’s will also be able to utilise this platform, and the KPMG global network, to present their solutions on an equal footing to the global banks and insurance companies. KPMG will also continue to invest in this platform and integrate it to other FinTech service offerings,” said Fourie.
“We are continuing to expand the capabilities of KPMG firms with investments and acquisitions such as Matchi.”
The core team of Matchi is based in Johannesburg with other employees in strategic FinTech regions around the world. The team travels regularly to advocate a faster spread of financial innovation and operations.
Led by an executive with extensive expertise, Matchi is making inroads within the international financial technology industry and is appealing to all local and international participants.
The company was started just over three years ago with Milligan (formerly of FNB) at the helm.
Matchi was started as a direct result of a problem encountered by its founder: how hard it is for financial technology firms and financial institutions to find each other in a meaningful way.
Over this time, Matchi has provided services to the likes of American Express, Citi, CaixaBank, Liberty Life, Lloyds Banking Group, Mahindra Finance, Mauritius Commercial Bank, RBS, Standard Bank, Standard Chartered, TSB and UBS, etc.