Finture, an Indonesian fintech business that powers YUP, a consumer finance product that combines e-wallet and credit card features, has raised about $30 million in a Series B investment round headed by MindWorks Capital, an Asia-focused venture capital firm.
Antao Capital, Richen Pioneer, SWC Global, and XVC also participated in the round.
Over the upcoming years, the additional capital will support the company’s expansion into new areas, such as Vietnam, the Philippines, and Hong Kong.
Finture was established in 2021 and offers inexpensive and easily accessible financial solutions. YUP is an aggregator platform that offers promotional incentives and links customers with regulated financial institutions that offer pay-later services. It is registered with the Financial Services Authority of Indonesia.
The firm offers YUP products through partnerships with multiple regulated financial institutions.
The business stated that YUP has become more popular with younger users and has obtained a special Visa agreement that gives it access to more than 130 million Visa merchants globally. Additionally, it has grown a network of more than 40 million local retailers and accumulated over a million users.
The platform has formed alliances with convenience store brands Indomart and Alfamart, as well as the Indonesian retail behemoth MAP Group and BP. Through these partnerships, YUP is able to provide special discounts on regular products all around Indonesia.
Finture has raised approximately US$80 million in total equity investments since its founding.
About Finture
Finture is a rising fintech platform in Southeast Asia that partners with financial institutions to offer new payment and credit products to everyone, especially in Indonesia. Finture works with regulated financial institutions to offer paylater products (loan limitations) using “Yup”-branded card payment instruments via a licensed banking partner.
