Finture is a Singapore-based fintech company with offices in Shanghai, Singapore, and Jakarta. Established in 2021, Finture operates its digital bank and credit payment business in Southeast Asia. Its flagship product, YUP, serves working-class users with stable incomes in Indonesia. The platform has partnered with over 40 million merchants nationwide, serving millions of users and processing tens of millions of transactions. YUP is projected to reach US$1 billion in transaction volume by 2024 and has already received over US$77 million in equity funding from investors, including the Sampoerna family, Sky9 Capital, BitRock Capital, etc.
Expanding Credit Card Access in Indonesia
YUP targets 80 million working-class individuals in Indonesia with stable incomes and regular social securities. 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.”
Digital payments now account for over 50% of transactions in Southeast Asia, with a total gross transaction value (GTV) of US$959 billion in 2023[1]. YUP’s credit card services, including both physical and virtual cards, are well-positioned to meet this demand. As the only tech firm in Indonesia to sign a strategic partnership with VISA, YUP has secured Indonesia’s highest-level payment license (E-Money), lending license, and fintech innovation licenses. The company is now planning to invest in Indonesian banking license.
All-in-One Service Platform Collaborating with Top Merchants
In addition to credit card services, YUP is collaborating with leading global and Indonesian merchants to introduce the “Lifestyle in Your Pocket” concept to Southeast Asia. The platform integrates lifestyle, consumption, and financial services, covering various daily spending scenarios. YUP’s merchant partners include Indonesia’s largest retail group MAP (operating brands such as Starbucks, Nike, Adidas, Zara, Sephora, Boss, CK, etc.), VISA, KFC, Korean cinema chain CGV, Indonesia’s leading convenience store chains Indomaret and Alfamart, Haagen-Dazs, British Petroleum, Indonesia’s largest taxi platform Bluebird, Family Mart, and others.
YUP’s founding team brings extensive experience from top financial institutions and companies such as Bank of America, China Merchants Bank, Bank of Communications, Discovery, and Ant Group. Co-founder and CEO Donny Zhang transitioned from management consulting at Accenture to fintech, becoming a venture capitalist and entrepreneur with nearly a decade of experience in the Southeast Asia fintech sector. Co-founder Matt Zou, a specialist in personal credit management, has worked at the Bank of Communications’ credit card center and ANZ Bank’s credit card operations across Indonesia, Thailand, and the Philippines. He also served as Chief Risk Officer at Advance.ai and co-founded Atome, a leading BNPL brand in Southeast Asia.
Doubling Its Valuation and Future Expansion
Despite a slowdown in the Asian funding landscape, with total venture capital investment falling to US$14.6 billion in Q2 2024—a 56% decline from the same period in 2022 and a 32% decrease year-over-year[2]—YUP has secured US$30 million in equity investment, and its valuation has doubled. Gavin Guo, CFO of Finture, highlighted three key points that made YUP stand out from its peers. First, YUP’s business model has a clear trajectory of future growth, similar to players in other emerging markets, such as Brazil’s Nubank. Secondly, YUP’s deep expertise in Southeast Asia, with all senior management and over 80% of employees based in Jakarta, gives it a strong local presence. Thirdly, YUP’s solid business and financial performance have been crucial in the current challenging market. “Companies need to excel to justify their valuations in challenging times. We’ve consistently seen positive unit economics and strong customer lifetime value (LTV) over the past three years,” said Guo.
YUP plans to extend its innovative 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, with the possibility of relocating its headquarters from Singapore to Hong Kong in the future. YUP aims to serve 50 million users over the next 8 to 10 years, positioning itself as Southeast Asia’s leading digital banking service platform with plans for a U.S. IPO in the next 3 to 5 years.
[1] Google, Temasek, and Bain & Company, “e-Conomy SEA 2023” report: https://www.bain.com/insights/e-conomy-sea-2023/
[2] CrunchBase Q2 2024 Asia Startup Funding Report: https://news.crunchbase.com/ai/asia-venture-42dot-hozon-zepto-china/
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https://yup.finture.id/en
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Finture
Finture is a Singapore-based fintech company that has offices in Shanghai, Singapore, and Jakarta. Established in 2021, Finture operates its digital bank and credit payment business in Southeast Asia. Finture believes everyone is eligible to have the access to easy, convenient, and affordable financial products. Cooperated with local financial institutions and fintech companies, Finture has achieved exponential growth since launching its first product YUP, which now has become one of the most popular consumer finance APPs in Indonesia, and the number of new credit card issuances has already exceeded that of the largest local bank.
Official Website: https://yup.finture.id/en
