KPMG moves into fintech-bank matchmaking
Major consulting firm KPMG International has announced the acquisition of Matchi, a financial services technology and "matchmaking" platform that connects financial institutions with fintech companies worldwide. None of the terms of the transaction were disclosed, although the Matchi website indicates KPMG has been involved with it for several years.The Matchi system allows banks and insurance firms to access to more than 700 financial services technology-based products and services, along with a database of more than 2,500 fintech companies. Fintechs and the services they offer are reviewed by KPMG as part of a "curation" process to qualify for inclusion on the Matchi platform. "The Matchi platform offers a curated approach that is much more rigorous than fintech databases that merely provide lists. 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," said Ian Pollari, global co-leader of fintech for KPMG International.Financial institutions are thus able to search for a specific company or solution, or they can use the platform's proprietary "Innovation Challenge" capability to outline specific problems to the global fintech market and receive recommendations on solutions. Since its inception in 2013, Matchi has connected more than 100 banks and insurance companies with fintech offerings that cover next generation payments, regulation, blockchain applications and P2P insurance.Australian banks that are on the record as having signed up include ANZ, Bendigo and Adelaide Bank and Westpac. Local fintechs that have passed the KPMG curation process include HashChing, a "mortgage marketplace" platform, along with other locals such as Bigstone, Fincast and Moroku.