YouTrip, a Singapore-based fintech, has secured a Series B funding round led by Lightspeed, with a total of $50 million raised. This brings YouTrip’s total funding to $100 million since its inception in 2018.
New Funding and Expansion Plans
The new funding will be used to develop YouTrip’s product technology and hire more than 100 new positions for its regional team as it launches in new Southeast Asian markets, including Indonesia, Malaysia, the Philippines, and Vietnam. YouTrip is a major payment institution licensed by the Monetary Authority of Singapore, and its services include payments, foreign exchange, remittances, and cards.
Business Performance
Since its inception five years ago, YouTrip has processed close to $10 billion in annualized transaction volume. Its e-commerce payment volume has grown 238% in annualized transaction volume since its Series A in 2021. YouTrip’s consumer multicurrency spending in Singapore and Thailand has grown considerably over the last two years, and its user base has tripled over that time.
YouTrip’s Corporate Card
YouTrip’s corporate card, YouBiz, allows businesses to send payments, receive money, and invoice consumers from around the world, in multiple currencies. Since its launch last May, YouBiz has onboarded more than 3,000 enterprises, with plans to double that number by 2024. Its primary target customers are businesses with less than 100 employees.
Product Development
YouTrip plans to increase its use of AI and other emerging technologies for personalized features like smart budgeting and customized financial insights. For YouBiz, the company will grow its portfolio of services for SMEs’ cross-border growth plans, including new features for its expense management capabilities and adding credit lines.
Localization Strategy
YouTrip’s focus on localization gives it a larger market share, according to CEO Caecilia Chu. “For every market, we tailor our mobile apps and also the card design even for each of our markets. By being so localized and focused, from the selection of partners and so forth, it really plays out nicely for us,” Chu says.
Conclusion
YouTrip’s new funding and expansion plans will help the company accelerate its growth throughout Southeast Asia. With its focus on localization and product development, YouTrip is well-positioned to take advantage of the increasing digitization of SMEs and consumer habits in the region.
Frequently Asked Questions
Q: What is YouTrip’s primary focus?
A: YouTrip is a fintech company that offers multicurrency wallets for consumers and business accounts with corporate cards for SMEs.
Q: What is YouTrip’s corporate card called?
A: YouTrip’s corporate card is called YouBiz.
Q: What are some of the common use cases for YouBiz?
A: Some common use cases for YouBiz include business travel, digital marketing spend, and remittance services to pay suppliers and remote workers.
Q: How does YouTrip plan to use its new funding?
A: YouTrip plans to use its new funding to develop its product technology and hire more than 100 new positions for its regional team as it launches in new Southeast Asian markets.
