CardUp raises $1.7M to help small businesses get more out of their credit cards
Summary
Before launching CardUp in 2015, founder and chief executive officer Nicki Ramsay worked at American Express for seven years, where her last position before leaving was director of international business development in the Asia-Pacific region.It’s also inked partnerships with major financial institutions like UOB, Citibank, Bank of China and MasterCard to promote its services.Over the last 12 months, more than $55 million SGD in payments were made through CardUp, which it says represents more than one percent of overall credit card spend growth in Singapore from 2016 to 2017.Ramsay says the company plans to pursue SMEs in Singapore and other countries as well, targeting the many types of payments that are still usually made by checks or transfers, including payroll expenses, rent and supplier invoices.In a press statement, SeedPlus operating partner Tiang Lim Foo said “SMEs are the main economic driving force in Asia, but are currently underserved.
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