Digital Bank Yup, often referred to as the “Nubank of Southeast Asia,” has successfully raised $32 million in its C-1 equity funding round, bringing its total equity raised to over $100 million.
The funding round saw participation from US investment firms Moore Strategic Ventures, Spice Expeditions, and Platanus, along with other institutional investors and existing shareholders. The capital is designated for expanding Yup’s customer base, enhancing user engagement, and improving its product experience, as the company accelerates its path towards profitability.
Founded in 2021, Yup has established itself in Southeast Asia’s FinTech sector, serving millions of credit card holders. The company has reported consistent financial growth, with revenues doubling annually over the past three years, and aims to reach break-even by the end of 2025. This growth is attributed to operational discipline and strong regional demand.
Yup focuses on providing affordable, technology-driven banking solutions to underbanked and underserved populations, particularly working- and middle-class consumers. The company’s objective is to offer reliable credit options and digital banking services to foster greater financial resilience across the region.
Donny Zhang, co-founder and CEO of Yup, stated, “We have a very clear vision since our Day 1, which is to be the principal payment tool for the working-class / middle-class customers in Southeast Asia. We have seen our revenue approximately double each year for the past three years, and we expect that momentum to accelerate even further in 2026 and 2027. This round gives us the firepower to scale our reach and deepen engagement with our users. We’re thrilled to have Moore Strategic Ventures, Spice and Platanus onboard as strategic partners in our next phase.”
Gavin Guo, CFO of Yup, commented on the company’s fundraising history, noting, “Over the past 4 years, we have successfully closed 6 rounds of equity fundraising, even during periods of capital market volatility. The continued support from global investors speaks volumes about their confidence in our long-term vision and execution. This funding will be used to take our customer base to the next level and further refine our product experience.”
Investor interest in Yup aligns with an increasing flow of global capital into Southeast Asia’s payment sector. Indonesia, in particular, has been identified as a promising market, with investors highlighting the region’s digital adoption trends and macroeconomic resilience as key factors supporting their confidence in Yup.
