Best Choco Up Alternatives for APAC Digital Businesses
Compare the top revenue-based financing platforms to find the right growth capital for your business without giving up equity.
Written by Hustlin from public information. Jenfi hasn’t joined Hustlin.
Revenue-based financing (RBF) has become a popular way for digital-first businesses in Asia to access capital without the dilution of venture capital or the rigid requirements of traditional bank loans. While Choco Up is a well-known player in the region, different platforms offer varying deployment methods, speed of funding, and specific focus areas. This guide compares the leading alternatives to help you choose the best fit for your growth stage.
First, what is Choco Up?
Best for: Established digital businesses looking for a one-time capital injection to fund large-scale expansion or inventory purchases.
Strengths
- Broad presence across the Asia-Pacific region
- Offers non-dilutive capital for a wide range of digital-focused industries
- Flexible repayment terms based on a percentage of monthly revenue
Where it falls short
- Application process can be slower for smaller, high-frequency funding needs
- Primary focus is on larger capital injections rather than daily operational spend management
- Limited integrated tools for tracking real-time spend of the deployed funds
The top alternatives
- #1Top pick
Jenfi: The Growth Capital Specialist for Repeatable Spend
Jenfi focuses specifically on backing repeatable business expenses—like marketing and inventory—that lead directly to increased revenue. Unlike traditional lenders, Jenfi uses an automated technology platform to ingest revenue and alternative data, providing a faster understanding of borrower behavior. This allows for a continuous relationship where businesses can access more capital as they grow. A key differentiator is the Jenfi Wallet and MasterCard solution, which allows businesses to deploy funds instantly and gives both the borrower and Jenfi real-time visibility into spending.
- Automated data integration for faster credit assessment and proprietary risk modeling
- Funds deployed via virtual Jenfi Wallet and MasterCard for immediate use
- Focus on 'Growth Capital' for repeatable spend like digital ads and inventory
- High repeat borrower rate with over a third of advances going to existing customers
- Flexible repayment options tied directly to sales performance
- #2Alternative
Funding Societies
A major SME digital financing platform in Southeast Asia offering a variety of products including micro-loans, term loans, and trade financing.
Best for: Traditional SMEs that need a mix of RBF and conventional debt products.
- #3Alternative
Aspire
While primarily a neobank for businesses, Aspire provides credit lines and marketing cards to help companies manage and fund their operations.
Best for: Startups looking for an all-in-one business account with integrated credit options.
- #4Alternative
Validus
An SME lending platform that focuses on supply chain financing and working capital for growing businesses in Singapore and the wider region.
Best for: Businesses with heavy supply chain needs and corporate contracts.
Side-by-side comparison
| Category | Jenfi | Choco Up | Edge |
|---|---|---|---|
| Primary Funding Model | Revenue-Based Growth Capital | Revenue-Based Financing | Neck-and-neck |
| Deployment Method | Virtual Wallet & MasterCard | Bank Transfer | Stronger |
| Focus Area | Repeatable Spend (Ads, Inventory) | General Working Capital | Stronger |
| Data Integration | Automated API & Alternative Data | Manual & API Mix | Stronger |
| Repayment Structure | Sales-Linked (Flexible) | Sales-Linked (Flexible) | Neck-and-neck |
| Target Region | APAC (Singapore, Vietnam, etc.) | APAC (Hong Kong, Singapore, etc.) | Neck-and-neck |
Frequently asked questions
How does Jenfi differ from Choco Up?
While both offer revenue-based financing, Jenfi specializes in repeatable growth spend and uses a virtual wallet/MasterCard system for faster deployment and better spend tracking.
Is revenue-based financing better than a bank loan?
RBF is often better for digital businesses because it doesn't require personal guarantees or collateral, and repayments fluctuate based on your sales volume.
Do I need to give up equity?
No. Both Jenfi and Choco Up provide non-dilutive capital, meaning you keep 100% ownership of your company.
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