Singapore Card Payments Startup CardUp Raises $1.7m In Funding
The Singapore based card payment system firm announced their latest round of funding this week.
Thanks to a $2.2 Million round of funding from Sequoia India and early-stage fund Seedplus, CardUp have edged one step closer to their goal of becoming South East Asia's leading credit and cash flow management solution provider.
Aiming to provide a seamless cash system, CardUp allows customers to maximise individual card benefits to make payments such as taxes, rent etc, by shifting payments made by bank transfer to the designated credit card. “Individuals and businesses can improve their cash flow by tapping into pre-approved credit lines on their card, whilst banks and payment networks are able to increase overall credit card spend by capturing a new market segment,” Nicki Ramsay, Founder and CEO of CardUp, said about the operations.
With the brand seeing South East Asia as an underserved market, they see their solution as providing one to meet all customer needs and expectations, changing the way people use credit cards as they go. Speaking on this, Pieter Kemps, Principal at Sequoia India, one of the investors in CardUp, said: “Many large companies are built on a simple yet unique insight on how to solve a common problem. Why can’t we use our credit card for some of the largest payments we make? CardUp set out to solve this, and the immediate customer adoption shows there is a need for a platform like this.”