E-kiosk provider M Cash has recently made history as the second Indonesian tech startup to list on IDX

Indonesian e-kiosk provider M Cash and its backer Kresna Graha Investama today announced that it has acquired stakes at MatchMove Indonesia.

M Cash and Kresna Graha each own 14.81 per cent of the Singapore-based fintech startup’s business unit in Indonesia.

MatchMove offers end-to-end enterprise payments solutions that help businesses run mobile wallet features on its platform. Its services includes P2P transfer, remittance, top up channels, virtual payment cards, loyalty points and rewards.

In a press statement, the company said that the partnership will enrich its digital cash platform through M Cash and Kresna Graha’s reach and capability in the Indonesian market.

MatchMove will also be able to utilise M Cash’s digital distribution channels to sell cards and actualise its e-KYC models.

“We are thrilled with the synergies and limitless opportunities that this partnership brings. We are ready to deliver international open loop capabilities into the Indonesian digital wallet space, along with card issuance and e-KYC (electronic Know-Your-Customer) capabilities to MCAS digital kiosks. This will bring us one step closer in our mission to provide financial services to Indonesia’s unbanked population,” said MatchMove CEO Shailesh Naik.

Also Read: OnePay partners with MatchMove to enable offline payments

In addition to Indonesia and Singapore, MatchMove also has presence in Vietnam, Thailand, India, the Philippines, and the US.

The company has previously raised funding rounds from Vickers Venture Partners and Credit Saison.

M Cash itself has recently made history as the second Indonesian startup to list on the Indonesia Stock Exchange (IDX), following Kioson.

Raising US$22 million during its IPO, the company operates digital kiosks for purposes such as purchasing phone credits and paying for utilities, installed at supermarket chains or other offline stores.

Their stock price closed at IDR2,380 (US$0.17) today, a 2.15 per cent (50 points) increase from opening.

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Image Credit: M Cash

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