(Bloomberg) — Funding Societies, Southeast Asia’s biggest digital financing platform for small- and medium-sized firms, said it is buying Singapore-based payment firm CardUp as part of its expansion.
The company didn’t disclose the value of the transaction, saying the amount is subjected to regulatory approvals. The purchase will compliment Funding Societies’ lending products and allow its users to manage expenses, receive payments, and borrow funds on a single platform, it said in a statement.
The proposed acquisition follows a $294 million funding round in February and investment into Indonesia’s Bank Index. It has also recently expanded into Vietnam, part of a series of moves to tap the growth of digital finance in Southeast Asia. Funding Societies expects the market to be worth $60 billion by 2025.
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