Funding Societies acquires regional payments system CardUp

CardUp, a regional payments system, will be acquired by Funding Societies, the leading Small and Medium Enterprises (SME) digital financing platform in Southeast Asia, for an undisclosed amount*.

Through the transfer, the business will acquire CardUp’s payment capabilities, including its licenses and integrations with well-known third-party business software, card payments to non-card accepting recipients (domestic and cross-border), acceptance of online payments, invoice automation tools, and more.

To provide a uniform financial experience for SMEs throughout the region, CardUp’s payment services will complement Funding Societies’ lending offerings. This will allow SMEs to monitor and pay bills, receive payments, and borrow money all inside one easy-to-use digital platform.

After getting to know Nicki and CardUp over the course of 2018, Funding Societies | Modalku co-founder and group CEO Kelvin Teo said they find CardUp has a great cultural and strategic fit.

Teo added that acquiring CardUp enables them to leapfrog and accelerate our market leadership in the regional FinTech space, integrating payments capabilities, improved user experience, and local licenses to our digital lending experience across key markets.

He also expressed excitement to work with the CardUp team and is honored to be chosen.

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.

According to CardUp founder and CEO Nicki Ramsay, they have long recognized Funding Societies as the regional leader in SME financing and a complementary counterpart to our expertise in payments.

Funding Societies will welcome Nicki Ramsay to its management team to run its payments division after the transaction is completed and approved by authorities. All of CardUp’s workers in Asia will remain with the company. CardUp will carry on with the operation of its consumer and commercial services as well as the maintenance of its enduring connections with card networks, issuers, and media partners.

To further enable SMEs in Southeast Asia, Funding Societies and CardUp will take advantage of strong synergies in the form of complementary personnel, technologies, as well as bank and technology partnerships.