Yup, a digital credit payment platform developed by Singapore-based fintech Finture, has raised $32 million, with plans to grow its customer base in Southeast Asia, and “edge closer to profitability”, according to an official statement.
The C-1 round was backed by US investment firms Moore Strategic Ventures, Spice Expeditions and Platanus, among others, and brings the digital bank’s total equity funding to over $100 million since launching in 2021.
Other existing investors include SWC Global, Richen Pioneer, Antao Capital, and MindWorks Capital, which led a $30 million Series B round for Yup in September 2024. The challenger also raised $20 million in pre-Series B funding in July 2023, led by Chinese investor XVC.
Founded by Donny Zhang and Matt Zou, CEO and COO of Finture, respectively, Yup offers physical and virtual credit cards, alongside pay-later services, targeting working and middle-class consumers in Southeast Asia.
According to the company’s latest statement, Yup is expected to “reach break-even by the end of 2025”, while in comments, Zhang claims that revenues have approximately doubled each year for the past three years. Current revenue performance has not been publicly disclosed.
Yup is currently working to expand its services beyond Indonesia to users in Hong Kong, Vietnam, and the Philippines, with reports suggesting it is also aiming to make its stock market debut in the US sometime before 2029.
Source: https://www.fintechfutures.com/
