Southeast Asia's digital bank Yup has announced that it has secured USD 32 million in its latest equity funding through its C-1 round.
Following this announcement, the raise represents an important step for the company, as it will focus on accelerating the expansion of its customer base and getting closer to profitability. The funding round was backed by several US investment companies, such as Moore Strategic Ventures, Spice Expeditions, and Platanus, with participation from other institutional investors and already existing shareholders.
In addition, Yup aims to optimise its financial inclusion by expanding access to affordable, technology-driven financial services for underbanked and underserved populations in the region of Southeast Asia. Through the process of providing working- and middle-class consumers with improved credit and digital banking solutions, the company is set to unlock new economic opportunities while also reinforcing the region's overall financial resilience.
More information on Yup’s new USD 32 million funding round
According to the official press release, Yup's fundraising comes as global investors are increasingly looking to Southeast Asia for resilient, tech-enabled development stories in the payment industry. In addition, several investors cited that the market potential from Indonesia and the company's disciplined execution are the reasons for them to invest in Yup.
Yup’s officials also mentioned that the company will focus on its strategy to be a secure and efficient payment tool for the working-class/middle-class customers in Southeast Asia. The new funding round will provide Yup with the possibility to scale its reach and deepen engagement with its customers in order to meet their needs, preferences, and demands in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The C-1 round brings Yup’s total funding to over USD 100 million, enabling the institution to further expand its suite of solutions, as well as improve its product experience.
