CardUp

CardUp is a financial technology company that enables individuals and businesses to make and collect payments via credit cards for expenses where cards are not typically accepted. Founded in Singapore in 2016 by Nicki Ramsay, the platform addresses cash flow challenges for small and medium-sized enterprises (SMEs). Ramsay, who serves as CEO, leveraged her background in digital payments and business development at American Express and as a management consultant at Deloitte to create the company.

The company operates on a straightforward business model: users pay a transaction fee to pay for large expenses like rent, payroll, supplier invoices, and taxes using their existing credit cards. CardUp charges the user's card and sends the funds via bank transfer to the recipient, who does not need a CardUp account to receive payment. This process allows businesses to utilize their pre-approved credit lines, extending payment terms by up to 59 days and thereby improving working capital. The service also benefits users by allowing them to earn credit card rewards, such as miles or cashback, on these significant expenditures. For payment collection, businesses can offer their customers the option to pay by credit card, which can be incentivized with early payment discounts. The platform is a no-code solution, requiring no software implementation to get started.

Operating in Singapore, Hong Kong, and Malaysia, CardUp serves a wide range of clients from individuals and micro-businesses to larger corporations. It is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution and by the Hong Kong Customs and Excise Department as a Money Service Operator. In 2022, CardUp was acquired by Funding Societies, a major digital financing platform in Southeast Asia, in a move to integrate payment and lending services for SMEs. Following the acquisition, Ramsay joined the Funding Societies management team to lead its payments division, and CardUp continues to operate its services under its own brand.

Keywords: B2B payments, accounts payable automation, accounts receivable, working capital management, cash flow optimization, credit card payments, supplier payments, rent payment, payroll processing, invoice automation, cross-border payments, SME financing, digital payments, payment gateway, transaction processing, expense management, Fintech, Nicki Ramsay, Funding Societies, Singapore, Hong Kong, Malaysia