Nicki Ramsay: Charting Funding Societies’ Path To A Data-Driven Future

Meet Nicki Ramsay, Chief Product Officer (CPO) at Funding Societies. As a CPO, Nicki leads the Product, Strategy and Payments Marketing teams regionally. She sets the product strategy for the group, with a vision to unify our payments and lending products, improving the way we’re able to engage and serve customers. This includes both CardUp and Funding Societies’ existing product sets, and also the development of new data driven products, combining the power of transactional data for better credit offerings.

Nicki was formerly the founder and CEO of CardUp, one of Singapore’s leading digital payments platforms that was acquired by Funding Societies in 2022. Now as CPO for the Group, Nicki is known for championing impactful solutions and embracing risk. She envisions a data-driven future, revolutionising financial management for small businesses.

“Nicki is a leader with a robust intellectual curiosity and the immense ability to quickly comprehend complex concepts down to the nuanced details. One rare leadership trait she possesses is both the capability to strategise and the capacity to execute. Nicki carries no airs, no ego; she is emotionally endearing yet maintains high expectations, consistently delivering high-quality work herself. Leading by example, she genuinely cares for the people around her.” Jolyn Tay, General Manager, CardUp

Join us as we delve into Nicki’s vision for Funding Societies, her perspectives on women supporting women, and her entrepreneurial journey.

How do you foresee Funding Societies’ role within the industry evolving over the next five years, and what impact do you hope the organisation will make?

We are evolving into a highly data-driven business that helps businesses with their finances in a broad way. We address a challenge encountered by over 80% of small businesses today – the difficulty in managing cash flow and accessing capital.

Numerous small businesses face survival risks due to tight 45-60 day cash cycles, often triggered by late receivables. Funding Societies tackles this challenge as the leading personalised cash flow management platform, which provides digital solutions that help SMEs pay and get paid on time, as well as access credit and manage their cash flow cycles.

What do you love most about Funding Societies?

As the company evolves, there is a noticeable trend of openness that allows for change and experimentation, at both the management and board levels. This sets the foundation for an agile culture, which can evolve and adapt with changing times.

I also like that our people embody a collaborative spirit, characterised by their kindness and willingness to support and help each other.

What is the one most important career lesson or piece of advice you would pass down to your team or the next batch of leaders?

Find out what you enjoy and have the confidence and courage to take the risks to pursue that. Sometimes we hold ourselves back wondering and worrying about the potential issues or challenges, but taking risks is where you grow the most and can learn the most in your career.

How should women support other women in their organisations? What advice would you offer to women leaders striving to stay at the forefront of their fields?

In my previous role at American Express (AMEX), the management team and C-Suite had a remarkable 50% female representation. I was fortunate to have a senior woman sponsor me when I joined. This support extended to my venture at CardUp, where my first angel investor happened to be one of female bosses from AMEX, playing a crucial role in providing the initial capital to get the business off the ground.

Regarding women looking out for women within the tech and Venture Capital sector, unfortunately I don’t think that happens enough, in part because the industry is so male dominated. It’s difficult to penetrate that network and the sponsorship and networks aren’t in place to attract and support women at the rate we need.

While the need for more female founders is frequently discussed, I believe we must focus on cultivating more female VCs as well. This shift is crucial to level the playing field on both sides of the table – not just in founding companies but also in deploying and backing capital for women-led ventures.

What do you think it takes to do well here at Funding Societies? How do you hope to be remembered?

To succeed, it’s essential to be proactive and challenge the status quo. In the fiercely competitive fintech landscape, this applies universally, not just within Funding Societies. Success hinges on every team member actively thinking about how they can drive impact and improve the way the business operates. It’s not solely about fulfilling job descriptions; it’s about taking every opportunity to elevate our performance, push boundaries, and refuse to settle for the status quo.

When faced with traditional methods in contrast to emerging technologies like AI, it’s essential to embrace change and leverage it to enhance our business operations. This mindset defines our approach to progress.

You founded CardUp in 2016 and were acquired by Funding Societies in June 2022. Could you share your journey, from founding your own company to the acquisition? What factors influenced your decision to join forces with Funding Societies?

At AMEX, I identified sectors where technology could solve gaps, especially in card acceptance for significant payment flows like rent or taxes. This led me to explore technology solutions to solve these, specifically a digital platform that enabled card payments in these sectors and provided customers with the ability to tap into underutilised card credit lines, earn rebates, and rewards.

A mutual friend connected me with Anand Nirgudkar (current Funding Societies Chief Technology Officer), who had substantial experience in payments. Aligned with our shared vision, we set-off on building the business together, convincing Diana Lim, former AMEX Marketing Lead (current Funding Societies Partnerships and Payments), to join us to further strengthen our team.

The journey had its highs and lows. Initially, many doubted our business model, and convincing banks to onboard us as merchants was challenging. Despite numerous rejections, our perseverance paid off when we secured a deal with a bank, marking a significant step toward successful operations.

Listening to customer feedback was key. Initially consumer-focused, our product unexpectedly found traction among Small Medium Enterprises (SMEs) for cash flow management. Uncovering a larger opportunity, we inadvertently provided SMEs with a significant advantage by enabling the use of credit cards for expenses like rent or payroll, offering short-term working capital solutions.

As traction grew, we raised capital, expanded the team, entered new markets, became licensed as a financial institution and formed bank partnerships, strengthening our brand. Our licensing and capabilities in the payments spacemade us an appealing M&A opportunity in 2021.

The alignment of our business strategies and goals with Funding Societies became clear over time. Funding Societies excelled in financing and credit, while CardUp specialised in payments, but we both served SMEs and had similar shared values and the same vision of success. Merging talents and expertise, our aim was to provide a comprehensive suite of financial products on a single platform for a broader audience.

Post acquisition, what we’ve seen in both teams is an openness and willingness to come together and create something bigger and better than what both companies were before.

In the words of our CEO and Co-Founder, Kelvin Teo

“With a great founder mindset and executive maturity, Nicki has played a pivotal role in bringing both distinctive payment and lending DNAs together as a dynamic force.”

Tell us about the intriguing, unexpected moments that have shaped your professional journey. What inspired you to become an entrepreneur? What standout experiences and accomplishments have contributed to your career growth and led you where you are today?

I’ve always sought meaningful work with purpose and impact. Climbing the corporate ladder, at a certain point I felt disconnected from the product and its impact. Desiring a more hands-on role driven by my entrepreneurial spirit and constant urge to innovate, it became clear the corporate world didn’t align with my long-term goals. Being an entrepreneur is suited to my DNA and something I find fulfilling.

Building and scaling a business has been an unparalleled experience. It’s something one can’t get with an MBA; it’s unique and invaluable. Even the process of M&A taught me many new lessons.

Starting from scratch was challenging, yet as a founder, the initial focus is on solving problems and building a team. Later, the significance of shareholders and the need for returns become apparent. The exit was a substantial learning curve shaping my current position.

Beyond your professional role, what are some of your passions and interests outside of work that drive and motivate you?

I’d categorise my interests into two areas: fitness, prioritising weight training and practising yoga for mental health. Additionally, I’m passionate about food tech and sustainability in our food ecosystems. Exploring angel investments in technology for the food sector to address environmental and animal welfare issues of factory farming, which is a field I’m eager to explore in the future.