Singapore-based card payments platform CardUp has reportedly secured a $1.7m investment round to develop its offerings to the SME market.
The round was led by Sequoia India and SeedPlus, according to a report by FinTech News.
CardUp is an online card payments platform supporting consumer cash management by supporting the transformation of bank transfers to a credit card. The platform, which can work even if the recipient doesn’t accept credit cards, enables consumers to earn benefits like extended credit terms and reward points for rent, taxes, insurance premiums and tuition fees.
When a consumer makes a big payment through the app they earn either travel miles, cashback or points. Recurring payments, real-time updates and transaction tracking are all offered by the application.
Businesses can also use the solution for shifting expenses such as invoices, office rent, and supplier invoices, to a credit card, helping to access 55 days of interest-free credit. This can boost their working capital to improve their cash flow.
The company is currently partnered businesses across Singapore including Bank of China, Citi, VISA, MasterCard, and American Express.
This equity injection will be used to support the launch of new SME offerings including credit and cash flow management solutions, it said.
Singapore recently formed a FinTech collaboration with Japan to help promote and support the space across the two countries. The deal was formed by the Singapore FinTech Association and the FinTech Association of Japan, with both hoping to benefit from shared knowledge and experiences.
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