CardUp, a Singapore-based card payments startup, has raised S$2.2m ($1.7m) capital in a funding round led by Sequoia India and early-stage fund SeedPlus.

This is the company’s first institutional investment round and it intends to use the proceeds to expand its payments and cash flow management platform to SMEs in Singapore.

CardUp allows customers to maximise individual card benefits to make large, recurring payments such as rent, employees’ salaries, and supplier payments using credit card.

With CardUp service, the SMEs can instantly access interest-free credit of up to 55 days, thereby increasing their access to working capital.

Contrary to existing card payment platforms, CardUp does not require participation from the funds recipient. This easy way of paying has enabled the company to achieve an average monthly user growth rate of 41% since its launch in 2016.

CardUp founder and CEO Nicki Ramsay said: “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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

CardUp accepts all major credit cards and partners with leading firms such as United Overseas Bank (UOB), Citibank, Bank of China and Mastercard, among others.