YUP, the credit payment platform established by Singaporean startup Finture has raised $30 million in its Series B funding round
The company said in a statement on Tuesday that MindWorks Capital, a venture capital firm with offices in Hong Kong, led the round. XVC, SWC Global, Richen Pioneer, and Antao Capital also participated
The money will help with preparations for obtaining an Indonesian banking license as well as market development throughout Southeast Asia.
The main product of Finture, YUP, caters to Indonesian working-class consumers who have steady salaries. Finture is a fintech startup headquartered in Singapore with operations in Jakarta, Shanghai, and Singapore.
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Serving millions of users and handling tens of millions of transactions, the platform has partnered with more than 40 million merchants in the country.
By 2024, YUP is expected to process $1 billion in transactions, and it has already secured over $77 million in equity capital from a variety of investors, such as the Sampoerna family, BitRock Capital, Sky9 Capital, and others.
Donny Zhang, co-founder and CEO of Finture said, “Personal payment solutions have lagged behind while Southeast Asia’s fintech sector is experiencing rapid growth, Many people still do not have access to the fundamental credit card services that traditional banks provide. We truly think that every consumer in Indonesia, where the credit card penetration rate is only 2 percent, should have access to a credit card.”
YUP is the first IT company in Indonesia to have forged a strategic alliance with VISA, and as such, it has obtained the country’s highest-level fintech innovation, lending, and payment licenses (E-Money). The business currently intends to invest in a banking license issued by Indonesia.
The founding team of YUP has a wealth of experience from leading financial institutions and businesses, including Ant Group, Discovery, China Merchants Bank, Bank of Communications, and Bank of America
YUP intends to expand the availability of its cutting-edge financial solutions to the Philippines, Vietnam, and Hong Kong. The company may eventually move its headquarters from Singapore to Hong Kong. In the meanwhile, it will establish a new office in Hong Kong to manage capital market operations and hire R&D personnel.
About YUP
Since its foundation in January 2021, Finture—one of Southeast Asia’s fastest-growing fintech platforms—has worked with financial institutions to offer a variety of distinctive credit and payment products to everyone, but especially to those in Indonesia.
Finture has partnered with authorized financial institutions to offer paylater products (loan limitations) that utilize card payment instruments with the “Yup” logo, which are issued by our licensed banking partner.
