In the midst of a funding crisis in Southeast Asia’s fintech sector, Finture, the parent company of Indonesia’s Yup, a buy-now, pay-later platform, has raised $20 million in a fresh round led by Chinese investment company XVC.
Finture, which was established in 2021, links clients with authorized financial institutions that offer installment payments. They have access to 0% interest installment plans and a credit limit of up to 40 million rupiah ($2,666) through Yup.
The other investors included SWC Global, MindWorks Ventures, Antao Capital, and Tortola Capital.
In Hong Kong, Finture recently launched a number of financial products. One of them is a credit card with “remote repayment” that is aimed at city-based foreign domestic workers. The function enables them to make purchases for their family members in Indonesia, which they can then reimburse in Hong Kong.
To complement Yup, the company is also creating an e-wallet platform. According to the business, Southeast Asia, Hong Kong, and China can all use e-wallet.