Singapore’s Funding Societies acquires paytech CardUp
Funding Societies, Southeast Asia’s largest SME digital financing platform, is set to acquire regional payments solution CardUp for an undisclosed sum.
Launched in 2016, CardUp is a Singapore-based paytech that enables individuals and businesses to make payments to suppliers and collect payments from customers digitally.
CardUp also provides services related to payroll, rent, corporate tax, vendor payments, receivables and cross-border expenses across Singapore, Malaysia and Hong Kong.
“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,” says Kelvin Teo, co-founder and group CEO of Funding Societies.
Funding Societies says that all of CardUp’s employees across Asia will be retained. Nicki Ramsay, founder and CEO of CardUp, will join Funding Societies’ management team to helm its payments business.
Funding Societies, Modalku Group was founded in Singapore in 2015 and is licensed and registered in Singapore, Indonesia, Thailand and Malaysia and operational in Vietnam.
Backed by the likes of SoftBank and Sequoia, the fintech company claims it handed out $1 billion in SME financing in 2021.