KPMG Acquires Fintech Collaboration Specialist, Matchi

KPMG Acquires Fintech Collaboration Specialist, Matchi

Fintech matchmaker Matchi has made a major match of its own: The Hong Kong-based company agreed to an acquisition by KPMG this week. Terms of the deal were not immediately available.

Calling the combination of the two entities a “powerful fintech resource,” Matchi CEO David Milligan said that the acquisition will help Match “fulfill the promise of collaboration between financial institutions and fintech firms, which can ultimately benefit all consumers.” Global co-leader of Fintech for KPMG International, Ian Pollari called Matchi’s curated approach” as very different from the “fintech databases that merely provide lists.” He added “It is designed to identify, match, and enable collaboration with the most innovative fintechs and solutions to address specific issues being faced by financial institutions.”

Matchi’s platform featured more than 700 curated fintech solutions as well as a 2,500+ company database of fintech innovators that FIs can collaborate and work with. FIs can search for specific companies or technologies, and take advantage of Matchi’s Innovation Challenge feature by issuing a specific business issue or problem on the platform and see what fintechs are interested in pursuing a solution. “Finding fintech companies who are pre-validated, helps to reduce risks and can accelerate time to market,” Pollari explained.

Founded in 2013, Matchi demonstrated its technology at FinovateFall 2014. The company has played matchmaker for more than 100 leading banks and insurance companies worldwide, helping firms deploy a variety of technologies ranging from next generation payments to the blockchain. Last month, Matchi teamed up with ATB Financial and KPMG Canada to run a customer onboarding innovation challenge for fintech companies.

 

Finovate Alumni News

On Finovate.com

  • KPMG Acquires Fintech Collaboration Specialist, Matchi.

Around the web

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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  • Matchi partners with ATB Financial & KPMG Canada to run fintech challenge.
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  • Twilio launches programmable fax service.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

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  • KPMG and Matchi form alliance to enhance access to financial innovation.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Alumni News– October 7, 2014

  • Finovate-F-Logo.jpgMatchi opens global fintech challenge 
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  • Boku acquires competitor Mopay, now covers 5 billion users.
  • BBC: Wonga to write off £220m of debts for 330,000 customers.
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  • Merchant Customer Exchange (MCX) partners with InComm to leverage its POS integrations.
  • WallStreetSurvivor.com launches Financial Education Courses.
  • Vista Equity Partners to take Tibco Software private for about $4.3 billion.
  • Expensify announces $3.5 million round led by Barracuda Networks.
  • Blockchain raises $30 million in growth capital.
  • Credit Karma announces equity investment of $75 million; $1 billion valuation.
  • Spreedly announces new investment; raises $750,000 in equity financing.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

CEO Interview: Matchi’s David Milligan

CEO Interview: Matchi’s David Milligan

MatchiLogoFEU14.jpg

Banks have problems. Innovators have answers. This is the way that Johannesburg-based Matchi, the online platform that pairs banks with relevant innovations, sees things.

Here at Finovate, fintech innovation is always on our minds, so we wanted to interview David Milligan, CEO of Matchi. Milligan has a passion for

DavidMilligan

innovation and has headed a number of innovation and new business units throughout his career. He has served as Matchi’s CEO since January of 2014. You can check out his LinkedIn profile here.


Finovate: Where did the idea for Matchi, a platform that matches banks with innovations, come from?
Milligan: The idea for Matchi came as a direct result of challenges encountered by our co-founder Warren Bond and me, in our respective histories. I ran innovation and new venture business units in a large bank for over 10 years, and Warren successfully launched and licensed technologies to banks. Both of us experienced first-hand how banks can benefit from working with smaller, more innovative fintech firms, but also how hard it is and how long it can take to do a deal with a bank.  
On the other side of the table, banks need consistent and clear approaches for sourcing and evaluating possible innovations, and anything that can extend their reach and help them find the next right thing is of great benefit. We realized that a global innovation platform that would assist innovators to reach the right people in banks globally, without having to pay high marketing costs, would fulfill a clear market need.
 
Finovate: What are the top three ways in which Matchi benefits banks?
Milligan: The top three ways Matchi benefits banks are:
    1. Connecting banks to the best innovations from around the world and giving them a way to curate
    2. Pro-active matching of innovations in the market in accordance to banks’ priorities   
    3. Banks can negotiate fees directly with innovators                    
MatchiScreenshot

 

Finovate: What trends are you seeing in fintech innovations?
Milligan: We have noticed an increasing demand for innovations that are designed for banks’ core purposes such as:
    • Managing and granting credit
    • Opening new accounts
    • Security solutions
Finovate: What types of metrics can you share? 
Milligan: We’ve doubled the number of banks on the platform since January of this year. To date, 30 banks from around the world have signed up as Matchi members, including banks from Europe, U.S.A., Asia, Australia, and Africa. This includes 3 Sponsor Banks across Spain, Sub-Saharan Africa, and Israel. 
Additionally, we are currently signing three to four fintech firms a week which ensures our banks regularly receive interesting value propositions.
Finovate: What’s the next development for Matchi?
Milligan: Increased functionality for Sponsor Banks as well as exciting new opportunities for innovators to respond to specific challenges as set by our Member Banks. We are also looking at developing Innovation Simulations for the workplace and will be hosting our first Innovation Sponsor Summit in December this year.
 
Finovate: What is your personal favorite innovation on the Matchi platform?
Milligan: There are many great innovations on our platform that span so many different areas, but one of my favorites is a solution that helps to prevent card fraud in a very unusual way.

To learn more about Matchi, check out its demo video from FinovateEurope 2014 or come see its new technology at FinovateFall 2014 in New York.

Alumni News– June 27, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMatchi announces signing sponsorship agreement with Standard Bank Group.
  • Intuit’s PayByCoin integrates Quickbooks Online with Coinbase to allow merchants to accept bitcoin.
  • RevolutionCredit is among six startups presenting at the 2014 FinTech Innovation Lab in New York.
  • Trustly partners with PayPal to facilitate direct payments for online bank customers in Sweden and Denmark.
  • Acculynk joins with Navicure to offer payment platform for healthcare providers.
  • 500 Startups teams up with SeedInvest to raise money for $100 million Fund III.
  • A review of digital ID technology by the Economist includes a nod toward miiCard.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.