KPMG International has acquired Matchi, described as a “matchmaking platform” that connects insurers and other financial institutions with carefully vetted fintech companies worldwide. KPMG has worked with Matchi since 2015 and said the acquisition cements that relationship in anticipation of increased client demand for fintech alliances.
Murray Raisbeck, head of insurance innovation, KPMG UK, said: “The Matchi platform offers a more rigorous approach than fintech databases that merely provide a list. It is designed to identify, match and enable collaboration with the most innovative fintechs and solutions to address specific issues being faced by financial institutions.”
Matchi includes more than 2,500 fintech companies offering innovative solutions to legacy problems or launching ventures into new markets. The platform allows financial institutions to search for a specific company or product, or to use the proprietary “Innovation Challenge” to present specific problems to the fintech community and receive recommendations on solutions.
“Through 2015 and 2016, a total of US$71bn was invested in fintechs globally as traditional financial services companies increasingly recognised tech innovation as the best way to remain relevant, manage compliance and cut costs,” said Warren Mead, global co-lead fintech, KPMG.
“As we enter the new world of open banking and the second Payment Services Directive (PSD2), innovation will become even more relevant so we are investing to make building partnerships as easy as possible for clients and stakeholders.