Youtrip, a Multi-Currency Travel Wallet, Closed US$25.5 Mil in a Pre-Series A Fundingby Fintech News Singapore May 16, 2019
YouTrip, a multi-currency mobile wallet with a prepaid Mastercard, has successfully raised US$25.5 million in a pre-Series A. Participating investors include major Asian family offices and venture capital firm Insignia Ventures Partners, founded by ex-Sequoia Partner Yinglan Tan.
With the injection of funds, YouTrip is looking to invest heavily in technology to further develop its technical payment infrastructure and roll out new product features. Having established a foothold in Singapore, it has also set its sights on further expansion in Southeast Asia and developing localised solutions for the region’s growing class of travellers.
Launched in August 2018, YouTrip is a multi-currency mobile wallet designed in collaboration with EZ-Link, allowing users to pay in over 150 currencies at wholesale exchange rates. The mobile app also allows for the exchange and storage of 10 selected currencies in advance through the in-app exchange feature. The YouTrip mobile application works with a linked pre-paid Mastercard.
Bank-issued credit and debit cards typically carry an overseas transaction fee that can be as high as 3.5%. Overseas purchases made with credit cards also usually entail a Dynamic Currency Conversion markup, sometimes going as high as 5% or more. YouTrip claims that it does not charge any overseas transaction fees nor markup on foreign exchange conversion.
Since its launch in August 2018, the YouTrip app got over 200,000 downloads, processed over 1 million transactions, and has grown its team to 70 people in Singapore and Hong Kong.
Singaporeans have been recorded as the most frequent travellers and biggest travel spenders globally.
Pachara Lawjindakul, Principal at Insignia Ventures Partners said:
“The fintech space in Southeast Asia is developing at a relentless pace to meet evolving consumer expectations and the travel industry represents an immense untapped market at the intersection of this growth.”
“The success of the initial launch in Singapore provides a great foundation to develop a strong roadmap for growing the multi-currency and cross-border payments ecosystem in Southeast Asia.”