Funding Societies purchases CardUp

Through the move, the company will acquire CardUp’s payments capabilities such as card payments to non-card accepting recipients (domestic and cross-border), online payments acceptance, invoice automation tools, as well as its licenses and integrations with third-party business software. 

CardUp’s payment services will complement Funding Societies’ lending products, to offer a unified financial experience for SMEs across the ASEAN region, enabling SMEs to manage and pay expenses, receive payments, and borrow funds all within one seamless digital platform.

The acquisition comes off the back of Funding Societies’ recent Series C+ raise of USD 294 million in February 2022, of which USD 144 million was raised in equity, and its recent investment into Bank Index in Indonesia, launch of business virtual card Elevate in Singapore, and entry into Vietnam, augmenting the company’s suite of financial services for SMEs.

Launched in 2016, CardUp is a Singapore-based payments solution that helps individuals and businesses to make payments to suppliers and collect payments from customers digitally. With presence in Singapore, Malaysia, and Hong Kong, CardUp has served businesses including micro businesses, SMEs, and corporates across a spectrum of B2B and C2B industries. These businesses use CardUp for payments related to payroll, rent, corporate tax, vendor payments, receivables flows, and cross-border expenses.