KPMG has acquired FinTech and financial services matching platform Matchi. The deal, completed for an undisclosed fee, sees the Big Four consultancy and the platform cement a relationship between their two firms which has been active since 2015.
Investment in FinTech has increased in recent years, with more and more organisations – particularly in financial services – seeking to pick up the next big disruptor. Last year around $19 billion was invested into the sector from venture capitalists, while corporate venture capitalists ploughed $5.4 billion into the segment.
While financial services players are seeking to partner or grow a disruptive FinTech player, consulting firms too have taken an interest in the segment – either supporting FinTechs themselves with business and technical expertise, or acting as a bridge between the firms’ financial service clients and FinTechs. Recently The Boston Consulting Group invested in Opportunity Network while Capgemini launched its own incubator for the same purpose.
One company that too has sought to bridge the divide between FinTechs and financial services players is Matchi. The UK-based company, founded in 2013, has more than 2,500 FinTechs on its platform, which are there able to distinguish themselves. Financial services players are able to search the platform for companies that match their needs, or have the community develop specific solutions to problems. Through the platform the two parties can come together for mutual gain.
In a bid to further solidify its position in the FinTech space, KPMG has acquired Matchi. The acquisition, the value of which has not been disclosed, “cements” the relationship between the professional services firm and the online platform – they have worked together since 2015. Through the acquisition the consulting firm will be better positioned to meet future client demand.
Commenting on the acquisition, Warren Mead, Global co-lead fintech at KPMG said, “As we enter the new world of open banking and PSD2, innovation will become even more relevant so we are investing today to make building partnerships as easy as possible for clients and stakeholders. Firms can’t possibly filter the thousands of fintechs on the market so KPMG’s Matchi platform will help them block out the noise and focus on what will work.”
Matchi CEO David Milligan meanwhile remarked on the company’s new ownership, “Combining the Matchi platform with the knowledge and skills of KPMG professionals creates a powerful fintech resource. 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.”