YouTrip, a Singapore-based multi-currency digital payments platform, has announced that it has raised $50 million in Series B funding. This brings YouTrip’s total funds raised to over $100 million since its inception in 2018.
The funding was led by Lightspeed, a global venture capital firm, which has been an early seed investor in companies like Snapchat-owner Snap, financial platform Stripe and consumer goods firm The Honest Company.
“The latest funding round is YouTrip’s largest and a testament to our strong potential in the B2B and B2C payment spaces,” YouTrip CEO and co-founder Caecilia Chu said. YouTrip previously raised US$30 million in 2021 and US$25.5 million in 2019.
Funding details
- Funding amount: US$50 million
- Lead investor: Lightspeed Venture Partners
- Funding Stage: Series B
The company now aims to catalyze the growth of cross-border commerce, “bringing accessible, integrated and seamless digital payment services to millions of users across Southeast Asia and beyond.”
Southeast Asia expansion plans
The Singapore-based fintech will utilize the new funding to expand YouTrip across Southeast Asia, investing in more technologies such as artificial intelligence (AI) to improve service and introduce hyper-personalized offerings. The company believe that “technology and payment innovation are key to empowering consumers and businesses to thrive in the digital economy.”
The firm aims to expand its regional presence across Indonesia, Malaysia, the Philippines, and Vietnam to continue its mission of providing accessible, convenient, and seamless digital payment services. The company also plans to strengthen its regional team by hiring over a hundred new talents.
“We are excited to bring our innovative payment solutions to diverse markets in Southeast Asia so that more can enjoy the intuitive convenience and cost-saving benefits effectuated by our B2B and business-to-consumer (B2C) products,” Arthur Mak, YouTrip Chief Product Officer and co-founder, said.
What to know about YouTrip
- YouTrip is a Southeast Asian fintech and digital payment platform launched in 2018.
- The YouTrip multi-currency card allows payments around the world in over 150+ currencies through one account. The company claims there are no fees and hidden charges.
- YouTrip card is a travel-focused spending card which can be used anywhere Mastercard is accepted.
- YouTrip has grown 200% year-on-year and reached profitability in April 2023, according to company CEO.
