Funding Societies acquires CardUp, drives payment expansion

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Funding Societies acquires CardUp, drives payment expansion

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Modalku, Kelvin Teo, said, "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.”

Funding Societies said this acquisition comes at the right juncture as SMEs are expected to push Asean’s digital finance market to US$60 billion (RM263.64 billion) in revenues by 2025 and contribute 17% of the financial services industry’s total revenue, while the region’s business payments sector grows at a CAGR of 10% over the next five years. 

Founder and CEO of CardUp, Nicki Ramsay, said, "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.

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Article Details

Author / Journalist: Gerry Wong

Category: EconomyStartups

Topics: Societies Digital Services Business Acquisition Smes Cardup Card Payments Funding

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-30, 00:56:49

News Timezone: GMT +8:00

News Source URL:

Language: English

Reading Time: 3 minutes read

Article Length: 450 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 21537

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Headquarters: Malaysia

News Last Updated: 15h ago

Coverage Areas: Malaysia

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