On May 11, 2017, KPMG international announced that it had acquired Matchi, a top global fintech innovation firm. Through its platform, Matchi connects financial institutions such as insurance companies and banks with other financial services companies in different parts of the world. Additionally, Matchi avails cutting edge financial technology solutions to such financial institutions including:
- Next Generation payments
- P2P insurance
- Blockchain and
The Matchi platform has a database of over 2,500 fintech firms that financial institutions can collaborate with in their operations, enabling them to make use of innovative fintech capabilities in pursuit of new market opportunities as well as in tackling their business challenges. Moreover, the platform avails more than 700 curated fintech solutions to financial institutions.
Matchi provides a highly detailed portal of fintech solutions and bespoke projects for financial institutions where an institution can source targeted financial technology solutions depending on its areas of focus or pain points. Matchi has run market scans and fintech challenges for more than 100 banks and insurance companies across the globe including Canada, Africa, Japan and India.
Fintech firms undergo curation process and are reviewed so that only those that are found to qualify are allowed to appear on the KPMG’s Matchi platform. With the platform, a financial institution can search for a particular company or solution. The institution can also use the proprietary innovation challenge available on the platform which is capable of presenting specific problem statements to the fintech market across the globe and get proposals on solutions from fintech innovators. This makes it possible for financial institutions to access and unlock cutting edge technology as well as deep customer insights of top global fintech companies for their own operations.
Ian Pollari, global co-leader of fintech, KPMG international, observes that by acquiring Matchi, KPMG is aiming to add to its capabilities of bringing market validated solutions to the toughest challenges faced by its financial services clients. He adds that the Matchi platform provides a curated approach that is way more rigorous compared to fintech databases that do no more than provide lists. The platform is designed to enable collaboration with fintechs that are most innovative by first identifying and matching them with financial institutions.
Pollari further notes that financial institutions all over the world are increasingly recognizing the value of identifying and entering into partnership with fintech companies that have proved the ability to commercialise their efforts. Therefore, KPMG aims to use its new capabilities that come with the acquisition of Matchi to help its financial services clientele in finding the most certain partnerships with fintechs.
According to Matchi CEO, David Milligan, a combination of the exceptional skills of KPMG’s highly knowledgeable professionals with the Matchi platform will result in a powerful fintech resource. Consequently, KPMG will be better placed to help clients to find and deploy the most relevant fintech solutions based on their business needs.