CardsPal founder and CEO Saim Yeong Harng steps down three months after Utu acquisition
Saim Yeong Harng, founder and CEO of Singapore-based CardsPal, is stepping down three months after the company was acquired by travel fintech Utu.
CardsPal founder and CEO Saim Yeong Harng steps down
Founded in 2019 with backing from Standard Chartered’s SC Ventures, CardsPal is an app-based lifestyle platform that connects users to credit card, ticket and payment deals and supports card comparison and cashback calculating services.
Following CardsPal’s $33 million Series B in June, Utu acquired the platform to expand its presence within the post-pandemic tax-free shopping market, which is currently valued at $9.5 trillion.
Harng confirmed his departure from the company via an announcement on LinkedIn, in which he described the four-year development of the start-up as an “exhilarating journey” with a variety of highs and lows, while also reassuring both its partners and customers that CardsPal is “in good hands with our new owner”.
“Thanks to all my team members, past and present, who have been on this incredible journey with me! We made mistakes, but we also achieved remarkable feats,” his announcement reads.
He also states that he is “looking forward to the exciting new chapter”, but gives no firm indication as to what his next move might be.
