Funding Societies, Southeast Asia’s largest Small and Medium Enterprises (SME) digital financing platform, today announced that it is acquiring regional payments solution, CardUp, for an undisclosed amount*. Through the move, the company will acquire CardUp’s payments capabilities such as card payments to non-card accepting recipients (domestic and cross-border), online payments acceptance, invoice automation tools as well as its licenses and integrations with renowned third-party business software.
CardUp’s payment services will complement Funding Societies’ lending products, to offer a unified financial experience for SMEs across the region, enabling SMEs to manage and pay expenses, receive payments, and borrow funds all within one seamless digital platform.
Launched in 2016, CardUp is a Singapore-based payments solution that helps individuals and businesses to make payments to suppliers and collect payments from customers digitally. With presence in Singapore, Malaysia, and Hong Kong, CardUp has served tens of thousands of businesses including micro businesses, SMEs, and corporates across a spectrum of B2B and C2B industries.
These businesses use CardUp for payments related to payroll, rent, corporate tax, vendor payments, receivables flows, and cross-border expenses. CardUp sees huge demand from businesses looking to save time and money through payment digitisation, which is reflected in its rapid growth, increasing 53% QoQ.
Co-founder and Group CEO of Funding Societies | Modalku, Kelvin Teo, said, “Having known Nicki and CardUp since 2018, we find CardUp has a great cultural and strategic fit. Acquiring CardUp enables us to leapfrog and accelerate our market leadership in the regional FinTech space, integrating payments capabilities, enhanced user experience and local licenses to our digital lending experience across key markets. We are excited to work with the CardUp team and are honoured to join forces with them.”
Founder and CEO of CardUp, Nicki Ramsay, said, “We have long recognised Funding Societies as the regional leader in SME financing and a complementary counterpart to our expertise in payments. This acquisition reflects strong strategic and cultural synergy with both parties aligned on the mission to help SMEs improve the way they operate their business and manage cash flow. We are confident that CardUp and our employees are in good hands with Kelvin and his team and are excited to work together on this next chapter of growth.”