Southeast Asian digital bank Yup has successfully raised $32 million to establish a local competitor to Brazil’s Nubank.
The recent C-1 funding round brings Yup’s total funding to over $100 million, with participation from Moore Strategic Ventures, Spice Expeditions, and Platanus. Founded in 2021, Yup aims to serve the underserved working-class populations in Southeast Asia. The bank has already signed up millions of credit card holders and anticipates achieving break-even status by the end of 2025, driven by operational discipline and strong market demand.
Created by the Singaporean startup Finture, Yup plans to use the new investment to expand into additional markets, including Hong Kong, Vietnam, and the Philippines, as reported by local media.
CEO Donny Zhang stated, “Since Day 1, our vision has been clear: to become the primary payment tool for working-class and middle-class customers in Southeast Asia. We have seen our revenue roughly double each year for the past three years, and we expect this momentum to accelerate further in 2026 and 2027. This round provides us the resources needed to scale our reach and deepen engagement with our users.”