Caecilia Chu, CEO of Singapore-based fintech YouTrip, is actively preparing the company for an IPO, with plans recently detailed to Nikkei Asia.
YouTrip, a multi-currency digital wallet, enables users to conduct transactions in over 150 currencies without incurring traditional banking or money exchange fees.
The company processed US$10 billion in transactions last year and is projected to see a 70% year-on-year increase in revenue in 2024.
The company had achieved profitability in 2022 which it has sustained and expects to continue into 2024.
Chu, who recently toured the New York Stock Exchange, shared that the company’s IPO strategy includes securing financial stability through a Series C funding round.
While the target raise has not been disclosed, Chu emphasised prioritising profitability over rapid expansion.
This builds on the US$50 million raised in the company’s 2023 Series B round.
The company is actively pursuing regulatory approval to expand into Malaysia, Indonesia, Vietnam, and the Philippines, with broader ambitions to enter Hong Kong, Japan, Australia, and New Zealand potentially before the IPO.
Founded in 2017 by Chu and Arthur Mak, YouTrip overcame challenges during the pandemic, including a 90% drop in transaction volumes that led to the layoff of 10 staff in 2021.
The company now employs 250 people and plans to grow its workforce by 50–100 in 2025.
Chu highlighted that YouTrip’s revenue stems primarily from merchant processing fees, which range from 1% to 3%, and interest earned from stored funds.
She highlighted that prioritising robust business fundamentals and refining key metrics is essential for driving financial growth.
While the timeline and listing venue remain undecided, Chu is engaging with exchanges in New York, Hong Kong, Singapore, and Australia.
However, the listing is estimated to be a “few years” away.
Chu declined to disclose YouTrip’s valuation, instead prioritising metrics, customer growth, and market expansion.
Featured image credit: Edited from Freepik
