KPMG has announced that it will be acquiring Matchi, a global fintech innovation and matchmaking platform that connects financial institutions, including banks and insurance companies, with leading-edge financial services, technology solutions and companies worldwide.
Pierre Fourie, Financial Services Director for KPMG in South Africa says the acquisition of Matchi by KPMG strengthens their 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. We are in the unique position in South Africa in that the Matchi skills are based here.”
For the banks, the benefits of working with fintech startups are numerous. Ian Pollari from KPMG Australia writes in the article ‘Building effective fintech partnerships ‘the digital future’ for banks’ that “new entrants such as fintechs and e-commerce giants are bringing fresh and innovative ideas and services to a marketplace of eager consumers.”
According to Fourie, Matchi will help South African financial institutions become more globally competitive; and for fintechs, will expose them to the global market.
“This acquisition will provide the South African market with quick and easy access to the best global 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.”
What is Matchi and How It Works
1. The Matchi platform includes more than 700 curated fintech solutions and a database of more than 2,500 fintech companies that financial institutions can work with to apply innovative fintech capabilities to solving their business problems and pursuing new market opportunities.
2. Fintech companies and solutions are reviewed and undergo a curation process in order to qualify to appear on the platform.
3. Financial institutions are able to 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 – a way for financial institutions to identify and source target, relevant, market-ready solutions.
4. 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, regtech, blockchain and P2P insurance. These include Citibank, Sony, Standard Bank, and American Express, among others.