KPMG buys fintech company
Matchi deal offers global data solution
KPMG, the multinational professional services firm, says it has acquired Matchi, a financial technology (fintech) company for an undisclosed amount as the company seeks a foothold in this increasingly lucrative industry.
Pierre Fourie, a financial services director at KPMG South Africa, said the acquisition of Matchi would strengthen the company’s fintech market proposition.
“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 fintechs and global solutions to address the most pressing needs of clients,” Fourie said.
The Johannesburg and Hong Kongbased Matchi, which was formed in 2013, said it had worked with more than 100 leading banks and insurance companies around the world.
The company provides a searchable, detailed portal of fintech solutions, as well as bespoke projects for financial services clients to source targeted fintech solution. The company operates in Africa, Japan, Canada, Mauritius and India.
Fourie added that KPMG and Matchi planned on adding new features and functionality to the Matchi platform in the coming months aimed at providing the South African market with quick and easy access to the best global fintech solutions.
“South African fintechs 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. We are continuing to expand the capabilities of KPMG firms with investments and acquisitions such as Matchi.”
The announcement by KPMG SA, follows the trend of what their international counterparts have been in other parts of the world.
According to a recent report by Accenture, global investments in fintech ventures have tripled over the last five years and will double again to an estimated US$6 billion (R80.7bn) by next year.
The report said though western countries – London and New York – have dominated, Africa has caught up quickly.
David Milligan, the chief executive of Matchi, said the deal would combine the Matchi platform with the knowledge and skills of KPMG professionals and would create a powerful fintech resource.