YouTrip Co-Founder and CEO Caecilia Chu
Singapore-based neobank YouTrip today announced a US$30 million Series A funding round from undisclosed investors that included returning investors from Asian family offices and fintech investors.
According to The Business Times, Insignia Ventures Partners –which participated in its US$25.5 million Pre-Series A funding round in 2019— did not join this funding round.
In a press statement, YouTrip said that the new funding will be used to support its expansion plan to the wider Southeast Asian (SEA) market. The company also plans to further expand into the B2B segment.
It is set to launch its new corporate credit card YouBiz in Singapore in early 2022, with plans to bring it to five other SEA countries in the next twelve months.
The product offers higher spending limits while transacting in more than 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.
Also Read: Today’s top tech news: YouTrip launches in Thailand, gojek to start test runs in Malaysia
“We’re very excited about the B2B payments opportunity. It is a segment with a deep market, as companies increasingly operate in a distributed and borderless manner and we expect their cross-border payment needs to go up. By incorporating our company’s core strengths of offering the best exchange rates and an extremely easy to use interface into YouBiz, we help businesses save time and cost, so that they can focus their energy and efforts in finding growth,” said YouTrip co-founder Arthur Mak.
Launched in 2018, YouTrip said that it has processed over US$800 million cards spend globally, with almost 20 million transactions and over 1.5 million app downloads.
The company also said that its transaction volume has also rebounded to pre-COVID-19 levels, “driven by strong traction in cross-border e-commerce transactions and progressive return of travel spending.”
“We have transformed tremendously as a company since our last funding round space puts us in a good place to serve more of our users’ payment needs – from travellers to online shoppers, and now, businesses,” said YouTrip CEO and Co-Founder Caecilia Chu. “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.”
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Image Credit: YouTrip
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