YouTrip Secures 50 Million Dollar: YouTrip, a Singaporean fintech firm, is aiming for expansion across Southeast Asia following a successful $50 million Series B funding round led by Lightspeed. The company, which offers a multicurrency wallet for consumers and corporate accounts with corporate cards for SMEs, has now raised a total of $100 million since its launch in 2018.
The fresh capital will be used to enhance YouTrip’s product technology and expand its team by hiring over 100 new members for its regional operations as it enters new Southeast Asian markets, including Indonesia, Malaysia, the Philippines, and Vietnam. YouTrip is a significant payment institution licensed by the Monetary Authority of Singapore, providing services that encompass payments, foreign exchange, remittances, and cards.
Since its establishment five years ago, YouTrip has processed nearly $10 billion in annualized transaction volume, with its e-commerce payment volume growing by 238% in annualized transaction volume since its Series A round in 2021.
This latest funding round comes after YouTrip’s $30 million Series A round in 2021, and the company’s strategy has shifted from being backed by family offices to partnering with venture-backed firms.
The company’s consumer multicurrency spending has witnessed significant growth in Singapore and Thailand, with its user base tripling over the past two years, driven by post-pandemic travel recovery and the continued expansion of e-commerce in the region.
YouTrip’s B2B product, YouBiz, has attracted over 3,000 enterprises since its launch last May and plans to double that number by 2024. Its primary target customers for YouBiz are businesses with fewer than 100 employees, including tech companies and startups, as well as traditional sectors like travel agencies and healthcare.
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YouTrip intends to leverage AI and emerging technologies to develop personalized features such as smart budgeting and customized financial insights. For YouBiz, the company will expand its services for SMEs’ cross-border growth plans and enhance its expense management capabilities.
The company also sees opportunities in Singapore’s new regulations that will raise e-wallet transaction caps by three or four times, allowing YouTrip to offer additional FX-related services when the wallet limit is increased.
YouTrip’s localization strategy, tailoring its offerings to each market, sets it apart from other multicurrency wallets and SME accounts/corporate cards and gives it a competitive edge in each market.
While the digitalization of consumers and SMEs has been accelerated by the pandemic, there is still significant room for growth, with 99% of SMEs still relying on traditional banks rather than neobanks and other fintech providers.
YouTrip is well-positioned to tap into this growing market, having built its own licenses and proprietary tech stack.
The Series B funding round was led by Lightspeed and will support YouTrip’s expansion across Southeast Asia, helping it further solidify its position as a leading fintech player in the region.
Our Reader’s Queries
Is YouTrip a Singaporean company?
At YouTrip, our goal isn’t to be a one-size-fits-all solution for global consumers,” explains CEO Chu in a video interview from our Singapore headquarters. We understand that different people have different needs, and we strive to cater to those unique requirements.
Who is the owner of YouTrip card?
According to YouTrip CEO Caecilia Chu, the company achieved profitability in April and currently handles a whopping US$10 billion in payments annually. This impressive feat is a testament to the company’s unwavering commitment to providing top-notch services to its customers. With a focus on delivering seamless and hassle-free payment solutions, YouTrip has become a trusted name in the industry. Its success is a reflection of its dedication to excellence and innovation.
Can you use YouTrip in Malaysia?
With your YouTrip card, you can withdraw cash from any ATM in Malaysia that displays the Mastercard®, Maestro®, and/or Cirrus® logos. These ATMs are widely available and can be found near shopping malls, petrol stations, and bank branches. So, you won’t have to worry about finding a place to withdraw cash while you’re in Malaysia.
How does YouTrip card work?
With YouTrip, you can easily hold a balance in 10 major currencies and spend any currency you have without any additional fees. You have the option to add a balance in SGD and convert it to the currency you require using the mid-market exchange rate, or you can keep your money in dollars and the card will automatically convert it when you make a payment. It’s that simple!