SEA-based digital financing platform Funding Societies announces acquisition of payments solution provider CardUp.
Southeast Asia’s largest small and medium enterprise (SME) digital financing and debt investment platform, Funding Societies, has announced their plans to acquire digital payments platform CardUp.
Funding Societies’ acquisition will open access to CardUp’s various payment solutions, including domestic and international card payments to cardless recipients, online payments, invoice automation, and third-party integration capabilities.
Kelvin Teo, the Co-founder and Group CEO of Funding Societies | Modalku commented, “Having known [Nicki Ramsay, the Founder and CEO of CardUp] 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.”
CardUp currently operates in Singapore, Hong Kong, and Malaysia, delivering their solutions to businesses of various sizes, across countless industries. Funding Societies’ financing products will enable businesses a wider spectrum of payment solutions in conjunction with CardUp.
Nicki Ramsay, the Founder and CEO of CardUp shared, “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.”
Following the acquisition, Nicki will be welcomed into Funding Societies’ management team to continue to drive payments solutions across Asia. CardUp’s services will continue to operate as usual and will preserve relationships with card networks, issuers, and media partners.
Funding Societies’ Series C funding round in February 2022 raised US$294 million, securing its presence driving financial solutions in Asia, enabling a recent investment in the Bank Index in Indonesia and its acquisition of CardUp.
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