Aditya Hadi Pratama · · 2 min readSingapore’s Funding Societies acquires local payments firm CardUp
Funding Societies, a Singapore-based digital financing platform, is set to acquire local fintech firm CardUp for an undisclosed amount. The deal is pending regulatory approvals.
Funding Societies co-founder Kelvin Teo (left) and CardUp founder Nicki Ramsay / Photo credit: Funding Societies
Funding Societies – known as Modalku in Indonesia – will acquire CardUp’s payment services, which include card payments to non-card accepting recipients, online payments acceptance, and invoice automation tools.
In a statement, Funding Societies said that the acquisition will complement its lending products, allowing it to offer a more complete financial solution for SMEs in the region.
Founded by Nicki Ramsay in 2016, CardUp helps individuals and businesses make payments to suppliers and collect payments from customers. It has served thousands of businesses in Singapore, Malaysia, and Hong Kong.
After the deal is approved, Ramsay will join Funding Societies’ management team to lead its payment business. CardUp will also continue to serve its customers and retain all of its employees.
Both companies count Sequoia Capital India as an investor.
See also: Series SEA: Who’s investing in the region’s fintech startups?
Funding Societies recently raised US$294 million in a series C+ funding round led by SoftBank Vision Fund earlier this year. The company entered the digital banking space in Indonesia through its investment in Bank Index, and it also expanded to Vietnam.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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