Funding Societies, a digital financing platform for small and medium enterprises (SMEs), said it is acquiring payments startup CardUp for an undisclosed amount in a cash-and-shares deal.
Singapore-based CardUp was founded by Nicki Ramsay in 2016. It helps individuals and businesses make and collect payments digitally, including with a credit card, even where cards are not accepted.
The startup’s capabilities also include invoice automation tools and integrations with third-party business software. Its revenue increased 53 per cent quarter on quarter in Q2 this year, the company said.
Funding Societies said the acquisition strengthens its suite of financial services for SMEs. The company recently co-invested in Indonesia’s Bank Index and launched a virtual business card in Singapore. Last month, it launched in Vietnam, marking its fifth market expansion.