- Digital financing platform Funding Societies agreed to acquire payments solutions company CardUp.
- The announcement comes four months after Funding Societies closed a $294 million Series C investment.
- Financial terms of the deal were not disclosed.
Digital financing platform Funding Societies has agreed to acquire payments solutions company CardUp for an undisclosed amount. The news comes four months after Funding Societies raised $294 million in Series C funding.
Singapore-based Funding Societies will leverage CardUp’s payments products to complement its own lending capabilities. The new tools will empower its SME clients to manage and pay expenses, receive payments, and borrow funds.
CardUp, which is also headquartered in Singapore, offers payment capabilities, such as card payments to non-card accepting recipients, online payments acceptance, invoice automation tools, and licenses and integrations with third-party software to help businesses make and collect payments. The no-code solutions make it easy for companies to improve cash flow management, unlock rewards on existing credit cards, and automate tasks. Since it launched in 2016, CardUp has served “tens of thousands” of business clients ranging from micro businesses to corporates.
CardUp will continue to operate its consumer and business services. The company’s employees across Asia will transition over to the Funding Societies team and CardUp CEO Nicki Ramsay will join Funding Societies’ management team to lead its payments business.
Funding Societies, which is licensed and registered in Singapore, Indonesia, Thailand, Malaysia, and operates in Vietnam, connects small businesses with financing while offering alternative investment opportunities for individual investors. The company offers a range of financing products, including micro loans, term loans, invoice financing, supply chain financing, revolving credit, and more. In 2021, Funding Societies connected small businesses with $1 billion in working capital. Funding Societies also supports businesses with a credit card that offers 5% cashback.
“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,” said Funding Societies Co-founder and CEO Kelvin Teo. “We are excited to work with the CardUp team and are honored to join forces with them.”