Singapore’s neobank YouTrip announced that it has launched its new corporate card “YouBiz” that is powered by Mastercard for SMEs.
YouBiz enables SMEs to generate physical and unlimited virtual cards for payments in over 150 currencies at more than 80 million Mastercard merchants worldwide, online and in-store.
Integrated with the card is also a unified control center bringing together multi-currency accounts, local and domestic transfers, corporate expense management and credit features.
According to YouTrip, the corporate card enables enterprises to earn unlimited cashback and save with zero foreign exchange fees.
YouBiz also makes it easy for SMEs to track and manage their individual employee’s expenses and spending.
Beyond payments, YouBiz allows SMEs to receive, hold and spend in nine currencies currently and make immediate exchange at competitive rates and no fees.
YouBiz is also introducing a credit facility that offers flexible business financing to SMEs.
Combining transactional data and machine learning, YouBiz said that it allows businesses to obtain unsecured and collateral-free term loans with no hidden or early repayment fees.
The application is straightforward and loans are disbursed into the YouBiz account within 48 hours.
Signing up for a YouBiz account and card is free and does not require any minimum account balance or card fees.
This development follows YouTrip’s recent US$30 million Series A funding round, which brought its total funds raised to over US$60 million since its launch.
Arthur Mak, Co-founder and Chief Product Officer of YouTrip said,
“We’ve invested heavily in building our multi-currency technology infrastructure and obtaining a full set of licenses for YouBiz. Having this control over our value chain enables us to offer the most customisable and cost-effective financial solutions for businesses.
We look forward to partnering closely with SMEs to innovate and customise our offerings to meet their shifting demands.”
Deborah Heng, Country Manager, Singapore at Mastercard said,
“Partnering with YouTrip on this innovative product will complement the work Mastercard has already done to help SMEs drive their overall digital transformation and harness the opportunity of the rapid growth in online marketplaces.
As these digital merchants expand their business across borders, they will come to recognize both the competitive advantage and the savings they will enjoy from zero foreign exchange fees, unlimited cashback, integrated expense, and cashflow management.”
