YouTrip Raises US$30 Million Series A to Fuel Its Growth in B2C and B2B Spaceby Fintech News Singapore November 30, 2021
Singapore’s multi-currency travel wallet YouTrip announced that it has raised US$30 million in its latest Series A round, bringing its total funds raised to over US$60 million since launch.
The round was driven by unnamed returning investors from major Asian family offices and financial technology investors.
YouTrip said that the new capital will be used to boost the company’s technological capabilities to bolster its suite of payment products, in particular entering the adjacent B2B payments space.
In line with this, YouTrip plans to launch a new corporate credit card, YouBiz, which offers higher spending limits while transacting at the best exchange rates in 150+ currencies, and credit terms offered to selected business account users.
Companies will also be able to issue corporate cards to employees, with all expenses streamlined into one platform.
Registration for interest in the product’s beta launch has received more than 1,000 sign-ups to date.
YouBiz will be rolled out in Singapore in the first quarter of 2022, and with plans to bring it to five other Southeast Asia countries in the next twelve months.
Additionally, the funds will also help accelerate its entrance into the wider Southeast Asia.
YouTrip added that it will be refreshing its app with new features such as a virtual card, an interactive exchange rates dashboard, and the ability to hold more popular currencies in their wallet set to be launched in early 2022.
To date, YouTrip has reportedly processed over US$800 million card spend globally, with almost 20 million transactions and over 1.5 million app downloads.
Caecilia Chu, YouTrip’s CEO and Co-founder said,
“From a mobile travel wallet, we have grown to establish a strong foothold in new territories such as overseas online spending to meet the extraordinary shifts in consumer behaviours.
As a company, this latest round also gives us the resources to strengthen our multiple growth engines to stay resilient and well-primed for expansion into new vistas.”