Singapore’s Funding Societies Acquires CardUp

Funding Societies is set to acquire payments solution CardUp, the Singapore-based digital financing platform announced Wednesday (June 29).

“Through the move, the company will acquire CardUp’s payments capabilities such as card payments to non-card accepting recipients (domestic and cross-border), online payments acceptance, invoice automation tools as well as its licenses and integrations with renowned third-party business software,” Funding Societies said in a news release.

It says CardUp’s payment services will complement its lending offerings, helping small to medium-sized enterprises (SME) in the region pay and manage expenses, get payments and borrow money.

The company, also based in Singapore, did not disclose the purchase price of the acquisition but notes that it recently raised $294 million in a Series C+ round.

Launched in 2016, CardUp helps people and businesses pay suppliers and collect payments digitally. The company operates in Singapore, Malaysia, and Hong Kong and has helped clients make payroll, rent, corporate tax and vendor payments, along with assisting with receivables flows, and cross-border expenses.

“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,” said Kelvin Teo, co-founder, and CEO of Funding Societies. “We are excited to work with the CardUp team and are honored to join forces with them.”

See also: Kofax Buys Tungsten to Implement Invoice Improvements

This month has seen a number of acquisitions in the B2B payments and invoicing space. Last week, Kofax, which works with intelligent automation for digital workflow transformation, announced the purchase of B2B eInvoicing network Tungsten Corporation.

Tungsten works with complex invoice-to-pay processes and provides a platform for onboarding suppliers, PO exchange, invoice and payment processing and compliance. Kofax offers an invoice processing and accounts payable (AP) automation portfolio that lets it provide automation in various country formats and languages.

Related: AnaCap Acquires EDIGard Invoice Arm From Nexi’s Nets

Days later, AnaCap Financial Partners announced its purchase of Norway’s EDIGard AS, the digital invoice distribution subsidiary of Nexi Group’s digital payments firm Nets.