Fintech startup Finture, which operates the credit payment platform YUP, has secured US$30 million in its Series B funding round.
The funding was led by Hong Kong’s MindWorks Capital, with participation from XVC, SWC Global, Richen Pioneer, and Antao Capital.
The funds will be used to support the platform’s expansion across Southeast Asia and efforts to obtain a banking license in Indonesia.
To date, YUP has reportedly raised over US$77 million in equity funding from investors, including the Sampoerna family, Sky9 Capital, and BitRock Capital among others.
Founded in 2021, Finture operates in Southeast Asia with offices in Singapore, Shanghai, and Jakarta.
Its platform, YUP, caters to working-class users in Indonesia and has established partnerships with over 40 million merchants.
With only 2% credit card penetration in Indonesia, YUP is focused on increasing access to credit for the country’s 80 million working-class individuals.
YUP has secured Indonesia’s E-Money license and fintech innovation licenses.
The platform offers both physical and virtual credit cards and has secured a strategic partnership with Visa.
Beyond credit cards, YUP is collaborating with major merchants in Indonesia and globally to provide an all-in-one platform for lifestyle, consumption, and financial services.
Merchant partners include brands such as Starbucks, KFC, and Indonesian convenience store chains Indomaret and Alfamart.
The company plans to expand into markets such as Hong Kong, Vietnam, and the Philippines, with a goal of serving 50 million users over the next 8 to 10 years and pursuing a U.S. IPO in the next 3 to 5 years.
YUP also aims to reach US$1 billion in transaction volume by 2024.
Donny Zhang, Co-founder and CEO of Finture, said,
“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.”
The article first appeared on Fintech News Singapore
