Choco Up
Choco Up is a Singapore-headquartered revenue-based financing platform that provides non-dilutive growth capital of USD 10,000 to USD 1,000,000 to SMEs and e-commerce businesses across Singapore, Hong Kong, and Australia, using a proprietary AI-powered credit assessment engine.
- Company typePrivate
- Founded2018
- HeadquartersSingapore, Singapore
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Choco Up does
Choco Up is an Asia-based revenue-based financing and growth capital platform serving small and medium-sized enterprises, particularly e-commerce businesses, across Singapore, Hong Kong, and Australia. The company deploys growth capital from USD 10,000 to USD 1,000,000 against a share of monthly revenue or future sales, without requiring equity dilution or collateral, and offers ancillary products including invoice financing, merchant cash advance, and a BNPL-for-business product called Uplift. The proprietary technology stack centers on a data-driven credit assessment system that connects directly to customer sales and analytics accounts; an AI-Powered Credit Assessment Engine was launched in October 2025 to compress approval times for tickets up to USD 200,000 from days to hours.
The business model is usage-based: Choco Up takes a fixed percentage of customer revenue until a predetermined repayment cap is reached, with no compounding interest. Distribution combines a direct digital funnel (website and app portal with 48-hour indicative offers and 24-hour disbursement) with inside sales account management, a partner marketplace and broker program, and embedded financing inside Instarem's Business portal in Singapore and Australia. The company reports cumulative GMV funded above USD 2.5 billion across 1,000+ rounds and deployments above USD 30 million to more than 100 companies.
Choco Up is privately held, headquartered in Singapore at 144 Robinson Road, with a regional office in Hong Kong (Causeway Bay) and a presence in Sydney. It operates as Happy CP Company Limited (Hong Kong) within the broader Choco Up Group Holdings Limited structure. As of June 2026 the company has secured a USD 15 million credit facility from AlteriQ Global, signed an embedded financing partnership with Instarem, and maintains payment and wallet integrations with Stripe and Airwallex. Founder and CEO Percy Hung leads a 51-100 person team that includes a chief risk officer and heads of partnerships and corporate strategy.
Choco Up firmographics
Firmographics- Name
- Choco Up
- Legal name
- Happy CP Company Limited
- Website
- https://choco-up.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Choco Up is a Singapore-headquartered revenue-based financing platform that provides non-dilutive growth capital of USD 10,000 to USD 1,000,000 to SMEs and e-commerce businesses across Singapore, Hong Kong, and Australia, using a proprietary AI-powered credit assessment engine.
- Ownership category
- akta.pro rank
Choco Up industry classification
Industry- Product category
- Revenue-Based Financing
- NAICS
- Sales Financing (52222)
- SIC
- Short-Term Business Credit Institutions (6153)
- akta.pro primary industry
- Merchant-Integrated BNPL (Checkout POS Financing) (FSAGAIAA)
- akta.pro secondary industries
- Supply Chain Finance (Trade Credit, PO/Inventory Financing) (FSAKAGAE), International / Cross-Border BNPL & Multi-Currency POS Financing (FSAGAIAN)
Keywords
Where Choco Up is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices3 records
Markets served
Choco Up business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Revenue-Based Financing (RBF): Choco Up provides growth capital to businesses in exchange for a percentage of their ongoing gross revenues. Repayment is agreed upon upfront as a fixed fee; there are no interest charges or compounding fees, and the repayment amount never increases. Repayments fluctuate with business revenue, providing flexibility during slow periods. No equity or collateral is required.
- Invoice Financing: Converts unpaid customer invoices into immediate working capital, enabling businesses to access cash tied up in receivables without waiting for long payment terms.
- Unsecured Business Financing: Up to USD 1,000,000 in quick business finance for small businesses and SMEs with no collateral required. Funds can be used for expansion, new projects, inventory, or unexpected costs.
- Merchant Cash Advance: Advance against future sales revenue, providing businesses with immediate working capital.
- Uplift (BNPL for Businesses): Buy Now, Pay Later product for businesses. Choco Up covers the initial payment for purchases from partner businesses, and the customer pays later. Ideal for retailers seeking flexible payment options.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Upstart: Revenue-based financing for businesses |
| Usage-based | Pay-as-you-go | Upstart Plus: Higher financing amounts for established businesses |
| Transaction based/ take rate | Pay-as-you-go | Upfront: Invoice financing |
| Transaction based/ take rate | Pay-as-you-go | Uplift: Buy Now, Pay Later for businesses |
| Usage-based | Pay-as-you-go | Unsecured Business Financing: Up to USD 1,000,000 |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels8 records
Choco Up product offering
Product offeringCore offering
Choco Up is an Asia-based growth financing platform that provides non-dilutive revenue-based financing to SMEs and e-commerce businesses across Asia Pacific. Businesses receive upfront growth capital (up to USD 1,000,000) in exchange for a fixed percentage of their monthly revenues, with no equity dilution, no collateral, and no compounding interest. The platform also offers invoice financing, merchant cash advance, unsecured business financing, and a B2B buy-now-pay-later product (Uplift), supported by an AI-powered credit assessment engine.
Product overview
Choco Up is an Asia-based growth financing platform offering revenue-based financing solutions for startups, e-commerce businesses, and SMEs. The product portfolio consists of a core platform with multiple financing products: Uplift (BNPL for businesses), Unsecured Business Financing (up to USD 1 million), Invoice Financing (convert unpaid invoices to cash), Merchant Cash Advance, and variants Upstart, Upstart Plus, and Upfront. The platform differentiates through its AI-Powered Credit Assessment Engine that automates approval decisions and integrates with third-party payment processors Stripe and Airwallex. A partnership with Instarem delivers embedded financing within their Business portal. Key metrics include USD 2.5B+ total GMV funded across 1000+ funding rounds with no equity dilution.
Differentiator
Problem solved
Functional benefit
Brands
- Uplift: Buy now, pay later service allowing businesses to make purchases from partners without paying upfront. Choco Up covers the initial payment, and the business pays later.
- Upstart
- Upstart Plus
- Upfront
Products and services
- Uplift (BNPL for Businesses)
Quantifiable outcome
- Total GMV Funded: USD 2.5B+ across 1,000+ funding rounds
- +4 more outcomes
Companies that use Choco Up
Customer profileNamed customers21 records
Segments8 records
Ideal customer profiles3 records
Choco Up technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability3 records
Feature3 records
Choco Up partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- InstaremcoreChoco Up partnered with Instarem (a digital payments platform) to launch an embedded SME financing service within the Instarem Business portal, initially launched in Singapore and Australia. The service allows eligible SMEs to apply for up to $1 million in growth capital with quick disbursement, supporting cross-border commerce expansion in Southeast Asia.
Scale indicators10 records
Recent moves5 records
Expansion highlights5 records
Choco Up competitors and assessment
Company assessmentDirect peers
- Wayflyer: Wayflyer provides revenue-based and invoice-style financing to e-commerce brands globally, funded via a warehouse facility with underwriting tied to ad-platform and Shopify data. The data-integration-heavy underwriting and e-commerce target segment make it a close functional peer to Choco Up.
- Funding Societies (Modalku): Funding Societies is Southeast Asia's largest SME and consumer digital financing platform, offering P2P business loans and RBF-style working capital to SMBs across Singapore, Indonesia, Malaysia, Thailand, and Vietnam. It is the most directly comparable peer given its APAC focus, multi-product lending stack, and SME target segment overlapping with Choco Up.
- Validus Capital: Validus is a Singapore-headquartered SME financing platform providing invoice financing, term loans, and working-capital lines to small businesses across Southeast Asia. It directly competes with Choco Up's invoice-financing and SME credit products in the same Singapore-Hong Kong-Indonesia footprint.
- Clearco: Clearco is a global revenue-based financing provider for e-commerce and digital brands, offering growth capital repaid as a fixed percentage of revenue without equity dilution. It is a direct comp on the RBF model, data-driven underwriting, and e-commerce/SMB target customer.
Regional players
- Lulalend: Lulalend is a South Africa-based online lender providing short-term working capital loans to SMBs. Geographically distinct from Choco Up but operates a comparable revenue-share / short-term SME credit model with similar customer risk profile.
- Kredito: Kredito is a Latin America-based online lender providing working capital and SME financing, often revenue-share based. Operates a similar data-driven underwriting and SME-growth model to Choco Up but in a different geography.
- Indodana (Artha Dana Fintek): Indodana is an Indonesia-focused fintech offering multi-product credit to consumers and SMEs, including pay-later and working-capital solutions. Comparable as an APAC embedded/RBF-adjacent fintech lender, though concentrated in Indonesia rather than Choco Up's wider SEA footprint.
Broad incumbents
- LendingClub: LendingClub is a publicly listed US online lending marketplace for small businesses and consumers. Useful benchmark for online SME/unsecured credit pricing, portfolio risk, and capital structure trends that informs evaluation of Choco Up's merchant cash advance and unsecured product line.
- OnDeck (now part of Enigma / PNC): OnDeck is an established US small-business online lender offering term loans and lines of credit. As a broad SME-lending incumbent, it provides useful benchmarks on underwriting, pricing, and unit economics for platforms like Choco Up.
Emerging players
- Atome: Atome is a leading buy-now-pay-later platform across Southeast Asia, providing POS installment financing at partner merchants. While consumer-facing rather than B2B, it is comparable to Choco Up's Uplift BNPL-for-businesses product and embedded merchant-financing distribution model.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Choco Up social profiles
Digital presenceChoco Up financial estimates
Financial estimateRevenue estimate
Valuation estimate
Choco Up leadership team
Management profileNumber of profiles
Profiles5 records
Choco Up funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Choco Up M&A and investment
M&A and investmentM&A
Investments11 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Choco Up
What does Choco Up do?
Choco Up is an Asia-based growth financing platform that provides non-dilutive revenue-based financing to SMEs and e-commerce businesses across Asia Pacific. Businesses receive upfront growth capital (up to USD 1,000,000) in exchange for a fixed percentage of their monthly revenues, with no equity dilution, no collateral, and no compounding interest. The platform also offers invoice financing, merchant cash advance, unsecured business financing, and a B2B buy-now-pay-later product (Uplift), supported by an AI-powered credit assessment engine.
Is Choco Up a public or private company?
Choco Up is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Choco Up founded?
Choco Up was founded in 2018. It employs 51 to 100 people.
Where is Choco Up based?
Choco Up is headquartered in Singapore, Singapore, in the Asia region.
How does Choco Up make money?
Five revenue lines are on record. Revenue-Based Financing (RBF) is the primary driver. The others are invoice Financing, unsecured Business Financing, merchant Cash Advance and uplift (BNPL for Businesses).
Who are Choco Up's main competitors?
Direct peers on record are Wayflyer, Funding Societies (Modalku), Validus Capital and Clearco. Regional players are Lulalend, Kredito and Indodana (Artha Dana Fintek). Broad incumbents are LendingClub and OnDeck (now part of Enigma / PNC). Atome is listed as an emerging player.
Does Choco Up have an API?
No public API is recorded for Choco Up.
What industry is Choco Up in?
Choco Up's product category is Revenue-Based Financing. Its primary akta.pro industry code is FSAGAIAA, Merchant-Integrated BNPL (Checkout POS Financing), with a secondary code of FSAKAGAE, Supply Chain Finance (Trade Credit, PO/Inventory Financing). Its NAICS code is 52222 and its SIC code is 6153.