KPMG acquires FinTech platform
KPMG has acquired global FinTech innovation platform Matchi, which connects traditional financial institutions with technology solution providers. The platform includes more than 700 curated FinTech solutions and a database of more than 2 500 FinTech companies.
FinTech companies and solutions are reviewed and undergo a curation process in order to qualify to appear on the platform. 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. In this way, financial institutions are able to access and unlock the leading edge technology and deep customer insight of the world's best fintech firms for their own operations.
"The acquisition of Matchi by KPMG strengthens our fintech market proposition," says Pierre Fourie (pictured), 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 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."
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. New features and functionality are being planned for the Matchi platform in coming months.
"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."
"This acquisition," adds Fourie, "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."