Yup, a digital bank often referred to as the “Nubank of Southeast Asia”, has raised $32m in fresh funding as part of its C-1 equity round.
The round was backed by US investment firms Moore Strategic Ventures, Spice Expeditions and Platanus, alongside other institutional investors and existing shareholders.
Founded in 2021, Yup has positioned itself as one of Southeast Asia’s most promising FinTech platforms. The company now serves millions of credit card holders and has reported consistent financial growth, with revenues doubling annually for the past three years. It expects to reach break-even by the end of 2025, citing operational discipline and strong demand in the region.
Yup said the new capital will be used to grow its customer base, deepen user engagement and enhance its product experience. The company also plans to accelerate its journey towards profitability, while expanding its role in advancing financial inclusion across Southeast Asia.
The firm has focused on bringing affordable, technology-driven banking solutions to underbanked and underserved populations. By targeting working- and middle-class consumers, Yup aims to provide reliable credit options and digital banking services that contribute to greater financial resilience across the region.
Yup co-founder and CEO Donny Zhang said, “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.”
The latest funding round lifts Yup’s total equity raised to more than $100m. CFO Gavin Guo said, “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 appetite for the firm comes as global capital increasingly flows into Southeast Asia’s payment sector. Indonesia has been highlighted as a particularly promising market, with investors pointing to the region’s digital adoption trends and macroeconomic resilience as reasons for their confidence in Yup.
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