YouTrip raises US$30M in Series A round as it enters B2B payments space

If you were a frequent traveler, you probably would have used YouTrip in some way.

Southeast Asia Neobank is the region’s first and largest multi-currency wallet, simplifying currency exchange and providing users with the best exchange rates.

Today (November 30), YouTrip announced that it had raised US $ 30 million in its last Series A cycle. The cycle is being led by returning investors from large Asian family offices and top investors. in financial technologies.

With this new injection of funds, the company has now raised more than US $ 60 million in total since its launch in 2016.

According to YouTrip, the new capital will boost the company’s technological capabilities to strengthen its range of payment products, in particular by entering the adjacent B2B payment space, as well as by accelerating its entry.
in Southeast Asia at large.

“As a company, this latest round also gives us the means to strengthen our multiple growth engines to
stay resilient and well prepared for expansion to new perspectives, ”said Caecilia Chu, co-founder and CEO of YouTrip.

Transaction volumes rebounded to pre-Covid levels

YouTrip
Image Credit: YouTrip

When the pandemic hit, YouTrip had to pivot quickly since the borders were closed and travel stopped. YouTrip focused on e-commerce, which has paid off by leaps and bounds.

To date, YouTrip’s transaction volume has rebounded to pre-Covid levels. Their card transaction exceeds $ 800 million, with nearly 20 million transactions and over 1.5 million app downloads.

This is due to the strong pull of cross-border e-commerce transactions and the return of travel expenses. With the entry into force of vaccinated travel routes, YouTrip expects exponential growth in the coming months.

We have changed enormously as a company since our last round. From a mobile travel portfolio, we have grown to establish a strong foothold in new territories such as online spending abroad to respond to extraordinary changes in consumer behavior.

We believe there is untapped potential in cross-border payments, and our market leadership position in this space puts us in a good position to meet the payment needs of our users, from travelers to online.
buyers, and now, businesses.

– Caecilia Chu, co-founder and CEO of YouTrip

YouBiz, a corporate card for companies

In addition to racking up e-commerce offers for users, YouTrip has also been busy reaching out to businesses.

According to YouTrip, the B2B industry – which is expected to be worth $ 150 trillion by 2022 – is full of potential.

YouTrip’s new business credit card, YouBiz, offers higher spending limits while transacting at the best exchange rates in over 150 currencies and credit terms available to select business account users.

Businesses can also issue corporate cards to employees, with all expenses streamlined on one platform.

“By incorporating our core business strengths of offering the best exchange rates and an extremely easy-to-use interface into YouBiz, we are helping businesses save time and money so they can focus their energy and costs. efforts on growth, ”said Arthur Mak, co-founder of YouTrip.

The YouBiz company card has received more than 1,000 registrations to date.

It will be deployed in Singapore in the first quarter of 2022, with plans to expand it to five other Southeast Asian countries over the next 12 months.

App updates for 2022 and all expenses paid travel

YouTrip
Image Credit: YouTrip

The company’s rewards platform, YouTrip Perks, which offers cash back rewards and offers from major merchants such as Taobao, Amazon and Singapore Airlines, has seen a 150% increase in transactions since its launch in September.

For a better user and payment experience, they will also refresh its app with new features such as a virtual card, an interactive exchange rate dashboard, and the ability to keep more popular currencies in their wallet for an experience of more transparent payment.

These changes will be launched in early 2022.

YouTrip also launched their VTL Holiday Away campaign to bring more value to their overseas trips.

From today until December 31, YouTrip users will have the option of receiving up to $ 100 in cash back when paying with YouTrip for overseas expenses. A grand prize of an all expenses paid VTL trip worth up to S $ 5,000 will also be awarded to a selected user.

Featured Image Credit: YouTrip

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