YouTrip Raises US$50M, Eyes Malaysia Expansion by Early 2024by Fintech News Singapore October 26, 2023
YouTrip, a multi-currency digital payments platform, has raised US$50 million in its latest Series B fundraise, bringing its total funds raised to over US$100 million since its inception. The round was led by new investor and global venture capital firm Lightspeed.
The company will use the new funds to invest in more technologies and grow its portfolio of services to help SMEs accelerate their cross-border growth plans.
Additionally, YouTrip also plans to hire over a hundred new talents with the aim to expand its regional presence in new markets across Southeast Asia.
The company said that it is now on track for expansion into its third market, Malaysia, by Q1 2024, and also plans to expand its regional presence across Indonesia, the Philippines and Vietnam.
YouTrip announced that it has seen significant growth in recent years, with its user base tripling in the past two years and the number of card spend processed globally quadrupling since the previous round of funding.
Meanwhile, YouBiz, the company’s corporate card and spend management platform for SMEs, which was launched in May 2022, has signed up over 3,000 businesses and aims to double the number by 2024.
Caecilia Chu, CEO and Co-Founder of YouTrip said,
“The latest funding round is YouTrip’s largest to date and is a testament to our strong potential in the B2B and B2C payment spaces.
We are confident in our ability to catalyse the growth of cross-border commerce, bringing accessible, integrated and seamless digital payment services to millions of users across Southeast Asia and beyond.”
Arthur Mak, Co-Founder and Chief Product Officer of YouTrip said,
“At YouTrip, we believe that technology and payment innovation are key to empowering consumers and businesses to thrive in the digital economy.
We remain committed to developing hyper-personalised offerings that meet the unique needs of our users, and are excited to bring our innovative payment solutions to diverse markets in Southeast Asia so that more can enjoy the intuitive convenience and cost-saving benefits effectuated by our B2B and B2C products.”