Funding Societies Modalku To Acquire Payments Company CardUp

By Chong Seow Wei

The acquisition will enable SMEs to manage and pay expenses, receive payments and borrow money through a single digital platform

Tatler Asia
Kelvin Teo, co-founder and group CEO, Funding Societies Modalku with Nicki Ramsay, founder and CEO of CardUp (Photo: Funding Societies Modalku)
Cover  Kelvin Teo, co-founder and group CEO, Funding Societies Modalku with Nicki Ramsay, founder and CEO of CardUp (Photo: Funding Societies Modalku)

Funding Societies, one of Southeast Asia’s largest digital financing platforms for small and medium enterprises (SMEs), has announced that it will be acquiring payments solutions provider CardUp for an undisclosed amount. 

The deal is pending regulatory approval.

Through this, Funding Societies will manage CardUp’s payments services, including card payments, non-card accepting recipients (domestic and cross-border), online payments acceptance and invoice automation tools. 

Coupled with Funding Societies’ lending products, this acquisition will enable SMEs to manage and pay expenses, receive payments and borrow money through a single digital platform. 

Says the company’s co-founder group CEO Kelvin Teo, “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.”

Read more: Meet The Man Helping Small Southeast Asian Businesses Find Their Feet

The acquisition follows several other milestone achievements by Funding Societies in the first half of 2022. This includes a US$294 million Series C+ raise in February, a co-investment with automotive marketplace Carro into Indonesia’s Bank Index in April, and its entry into Vietnam in May. 

For CardUp, the acquisition comes six years after it was founded in Singapore by Nicki Ramsay. It also has presence in Malaysia and Hong Kong, and has served tens of thousands of businesses from micro-enterprises to corporates across B2B and C2B industries. 

When the acquisition is finalised, Ramsay will join Funding Societies’ management team to lead its payments business. All of CardUp’s employees across Asia will also be retained, and the company will continue to run its consumer and business services.

See more news about the Gen.T community.

NOW READ

Carro Acquires 50% Stake In Indonesian Mobility Firm

Collectibles Platform Mighty Jaxx Makes Two Acquisitions To Expand Its Phygital Reach

ShopBack Secures US$80m In Series F Funding

© 2022 Tatler Asia Limited. All rights reserved.