Singapore-based digital credit platform Yup secures $32 million in the C-1 funding round to expand in Southeast Asia and edge closer to break-even by end of 2025.
Highlights:
Yup has raised $32 million in a C-1 funding round, bringing its total equity funding to over $100 million since its 2021 launch.
The capital will be used to broaden its customer base across Southeast Asia (e.g., expanding into Vietnam, Hong Kong, the Philippines) and scale its credit card and pay-later services.
Yup expects to become profitably break-even by the end of 2025, with revenues having doubled each year for the past three years.
Summary:
Yup, a digital credit platform born in Singapore under Finture, has successfully secured $32 million in its C-1 funding round. This latest infusion pushes Yup’s total raised capital past the $100 million mark since its founding in 2021. The funding comes from new and existing backers, including firms like Moore Strategic Ventures, Spice Expeditions, and Platanus.
Yup offers both physical and virtual credit cards, as well as pay-later services aimed at working and middle-class consumers in Southeast Asia. The company has seen its revenue double annually over the last three years. With this new funding, Yup plans to expand into additional Southeast Asian markets (including Vietnam, Hong Kong, and the Philippines) and drive toward break-even profitability by end of 2025.
