Southeast Asian SME digital financing platform Funding Societies has acquired the entire shareholding of CardUp. The sale of Sequoia Capital's entire shareholding was part of the transaction.
L&L Partners advised Sequoia on the deal.
The transaction team was led by Nitin Gera (Partner) and supported by Kartik Chatrath (Associate).
Pursuant to this move, the company will acquire CardUp's commercial payments capabilities such as domestic and cross-border card payments to non-card accepting recipients, invoice automation tools, etc.
CardUp's payment services will complement Funding Societies' existing lending products, to offer a united financial experience for customers across the region, enabling SMEs to manage and pay expenses, receive payments, and borrow funds all within one seamless digital platform.