Singapore-based fintech company, YouTrip, renowned for its multi-currency digital wallet, has successfully garnered $50 million in its Series B funding round. With Lightspeed Ventures taking the lead in this financing endeavor, YouTrip’s cumulative funding now stands at an impressive $100 million. This follows the firm’s previous capital influxes of $30 million in 2021 and $25.5 million in 2019.
Since its inception in 2018, YouTrip has made significant strides in the financial sector, primarily catering to avid travelers. The company introduced a pioneering multi-currency payments app, complemented by a pre-paid Mastercard. Currently, its operations extend beyond Singapore to encompass Thailand as well.
With an affirmation of operational profitability, YouTrip’s roadmap includes channeling the new funds to facilitate its workforce expansion. The firm aims to onboard 100 new talents in the wake of its impending foray into burgeoning Southeast Asian markets. Indonesia, Malaysia, the Philippines, and Vietnam are on the company’s radar for its upcoming launches.
As per the recent data, YouTrip’s annual payment processing has skyrocketed to $10 billion. A significant proportion of this transaction volume emanates from the consumer-centric vertical of their operations. Additionally, YouTrip’s recent venture into the B2B sphere with their spend management solution, YouBiz, launched in May of the preceding year, has seen rapid adoption. The product has already attracted over 3,000 small business enterprises.
Reflecting on the company’s journey and the recent funding milestone, CEO Caecilia Chu commented, “In the prevailing economic climate, it’s pivotal to demonstrate to our investors, and internally, that we’re anchored by a robust business model. Our vision is to scale sustainably and to solidify our footprint across the region.”