Indonesian fintech startup Finture, which runs YUP, a consumer finance tool combining credit card and e-wallet features, has raised nearly US$30 million in a Series B investment round led by Asia-focused VC firm MindWorks Capital.
XVC, SWC Global, Richen Pioneer, and Antao Capital also joined the round.
The new funding will fuel expansion into new markets, including Hong Kong, Vietnam, and the Philippines, over the coming years.
Founded in 2021, Finture provides accessible and affordable financial solutions. YUP, an aggregator platform registered with the Financial Services Authority of Indonesia, connects users with pay-later services from licensed financial institutions while offering promotional benefits.
The startup has partnered with several licensed financial institutions to provide YUP products.
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The company said in a press statement that YUP has gained traction among younger users and secured an exclusive Visa partnership, allowing access to over 130 million Visa merchants worldwide. It has also amassed over one million users and developed a network of more than 40 million local merchants.
The platform has established partnerships with Indonesian retail conglomerate MAP Group, BP, and convenience store chains Indomart and Alfamart. These collaborations enable YUP to provide exclusive discounts on everyday purchases across Indonesia.
Since its inception, Finture has raised around US$80 million in total equity investments.
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Image credit: YUP
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