Does Ultimate Member have paid membership functionality?

Ultimate Member does not currently have any paid membership functionality. If you want to take payments for memberships using PayPal, Stripe or other payment gateways you will need to use another plugin. There are many plugins that exist for taking payments including Restrict Content Pro

There is also a 3rd party plugin for Ultimate Member which allows you to add subscriptions via WooCommerce:

https://codecanyon.net/item/umswitcher-sell-subscriptions-for-ultimate-member-powered-by-woocommerce/19080706?s_rank=1