Funding Societies acquires Singapore's CardUp to expand payments service

Co-Founder & CEO Modalku Group Kelvin Teo; Founder and CEO CardUp Nicki Ramsay

Online lending platform Funding Societies, better known as Modalku in Indonesia, on Wednesday announced that it is acquiring online card payments startup CardUp for an undisclosed amount as part of efforts to expand payments services.

Funding Societies will acquire CardUp’s payments capabilities, including online payments, invoice automation tools, and its licences. CardUp is licenced by the Monetary Authority of Singapore (MAS) and by the Hong Kong Customs and Excise Department (HKCED).

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