Finture’s YUP raised $30m in Series B round to expand into SEA

By Gloria Mathias

YUP, the credit payment platform established by Singaporean startup Finture, has raised $30 million in its Series B funding round.

The round was led by Hong Kong-based venture capital firm MindWorks Capital, with participation from XVC, SWC Global, Richen Pioneer, and Antao Capital. The funds will support market expansion in Southeast Asia and preparation for acquiring a banking license in Indonesia.

Finture is a Singapore-based FinTech company that operates its digital bank and credit payment business in Southeast Asia. Its product, YUP, serves working-class users with stable incomes in Indonesia.

YUP targets 80 million working-class individuals in Indonesia with stable incomes and regular social security. Donny Zhang, Co-founder and CEO of Finture, stated, “While Southeast Asia’s FinTech sector is experiencing rapid growth, personal payment solutions have lagged behind. Many individuals still lack access to basic credit card services offered by traditional banks. In Indonesia, where the credit card penetration rate stands at just 2%, we firmly believe that every consumer with a stable income deserves access to a credit card.”

YUP’s credit card services, including both physical and virtual cards, are well-positioned to meet this demand. As the tech firm in Indonesia to sign a partnership with Visa, YUP has secured Indonesia’s payment (E-Money), lending, and FinTech innovation licenses. The company is now planning to invest in an Indonesian banking license.

In addition to credit card services, YUP is collaborating with global and Indonesian merchants to introduce the “Lifestyle in Your Pocket” concept to Southeast Asia. The platform integrates lifestyle, consumption, and financial services and covers various daily spending scenarios.

YUP plans to extend its financial products to Hong Kong, Vietnam, and the Philippines. The company will open a new office in Hong Kong to oversee capital market activities and recruit R&D talents, and it may relocate its headquarters from Singapore to Hong Kong in the future.