Fintech Startups FincherOperates a credit card payment platform Yeahsecured $30 million in a 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 expand the platform across Southeast Asia and support efforts to obtain a banking license in Indonesia.
To date, YUP has reportedly raised over $77 million in equity funding from investors including the Sampoerna family, Sky9 Capital, and BitRock Capital.
Founded in 2021, Finture operates across Southeast Asia with offices in Singapore, Shanghai and Jakarta.
The company’s platform, YUP, targets working-class users in Indonesia and has partnered with over 40 million merchants.
With credit card penetration in Indonesia at just 2 percent, YUP is focused on improving access to credit for the country’s working-class population of 80 million.
YUP has obtained Indonesia’s E-Money License and Fintech Innovation License.
The platform offers both physical and virtual credit cards and has secured a strategic partnership with Visa.
Beyond credit cards, YUP also partners with leading retailers in Indonesia and around the world to provide an all-in-one platform for lifestyle, consumption and financial services.
Participating merchants 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, and aims to serve 50 million users over the next eight to 10 years, as well as pursue an IPO in the United States within the next three to five years.
YUP also aims to achieve trading volume of US$1 billion by 2024.
“We are pleased to partner with Finture to bring our innovative solutions to the market,” said Donnie Chan, co-founder and CEO of Finture.
“Southeast Asia’s fintech sector is growing rapidly, but consumer payment solutions have lagged behind.
Many people still do not have access to basic credit card services offered by traditional banks. Although credit card penetration in Indonesia is only 2%, we believe that every consumer with a stable income has the right to have access to a credit card.”
