CardUp raises USD 1.7 mln to help SMEs get more out of their credit cards

The company will use this institutional investment round to expand its business, serving small to medium-sized enterprises.

CardUp positions itself as the middleman between organisations that do not usually accept credit cards, such as landlords or the government, and people who want to use their cards for recurring payments so they can exploit reward programs and extended credit terms. The company enables small business owners to use their existing credit card limits to extend business payables up to 55 days and interest-free.

The company plans to pursue SMEs in Singapore and other countries as well, targeting the many types of payments that are still usually made by checks or transfers, including payroll expenses, rent and supplier invoices.