(Left to right): Kelvin Teo, co-founder and group CEO, Funding Societies / Modalku; Nicki Ramsay, founder and CEO, CardUp. Credit: PRNewswire/Funding Societies/CardUp.

Singapore-based fintech lender Funding Societies has reached an agreement to buy local payments company CardUp for an undisclosed sum.

As per the deal, Funding Societies will buy CardUp’s payment services, which cover card payments to non-card accepting recipients, online payments acceptance, and invoice automation tools.

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CardUp, which was formed in 2016 by Nicki Ramsay, helps individuals and businesses make payments to suppliers and collect payments from customers digitally. It has operations in Singapore, Malaysia, and Hong Kong.

Funding Societies in its press statement noted that the acquisition of CardUp will complement its lending products, enabling it to offer more complete financial products for SMEs in Southeast Asia.

Funding Societies, which connects SMEs with retail and institutional lenders, registered $1bn disbursements in 2021.

Funding Societies is licensed and registered in Singapore, Indonesia, Thailand, Malaysia, and operates in Vietnam. In Indonesia, it operated under the brand name Modalku.

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Funding Societies | Modalku co-founder and group CEO Kelvin Teo said, “Having known Nicki and CardUp since 2018, we find CardUp has a great cultural and strategic fit. 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.”

Following the completion of the deal, which is subject to regulatory approvals, Ramsay will join the management team of Funding Societies and lead its payment business.

Furthermore, CardUp will also continue to serve its clients and retain all its staff.

Ramsay commented: “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.

“We are confident that CardUp and our employees are in good hands with Kelvin and his team and are excited to work together on this next chapter of growth.”