YouTrip Raises $50 Million in Series B Funding Round

Published 8 months ago

Singapore-based fintech YouTrip has secured $50 million in a Series B financing round. The multi-currency digital wallet provider’s total funding has now reached $100 million, following earlier rounds that raised $30 million in 2021 and $25.5 million in 2019.

Investment Led by Lightspeed Ventures

Lightspeed Ventures led the latest investment round. YouTrip first launched its services in 2018, offering a multi-currency payments app and a pre-paid Mastercard, specifically designed for frequent travelers. The company currently operates in Singapore and Thailand.

Expansion Plans

The new funding will be used to recruit for 100 new positions as YouTrip plans to expand into new Southeast Asian markets. Indonesia, Malaysia, the Philippines, and Vietnam have been mentioned as potential new markets for the fintech firm.

YouTrip claims to have reached operational profitability and processes $10 billion in payments annually. The majority of these transactions come from the consumer side of the business.

YouTrip’s B2B Product

YouTrip also offers a B2B spend management product, known as YouBiz, which was launched in May last year. This product has already onboarded over 3,000 small business enterprises.

In light of the recent funding, CEO Caecilia Chu emphasized the importance of demonstrating to investors and to the company itself that YouTrip has a solid business model that can scale in a sustainable manner.