YouTrip, a Singapore fintech startup, has secured US$50 million in a Series B funding round led by Lightspeed Venture Partners. This latest injection of funds, announced on October 27, brings the company’s total capital raised to US$100 million since its inception in 2018.
Investing in technology and talent for Southeast Asian expansion
The newly acquired funds will be channelled into enhancing YouTrip’s product offerings and expanding its team. Specifically, the company plans to fill over 100 new roles for its regional operations as it prepares to launch in new Southeast Asian markets. These include Indonesia, Malaysia, the Philippines, and Vietnam. YouTrip operates as a major payment institution licensed by the Monetary Authority of Singapore, offering services like payments, foreign exchange, remittances, and cards.
Remarkable growth and new initiatives
Since its launch five years ago, YouTrip has seen substantial growth in its operations. The company has processed nearly US$10 billion in annualised transaction volume, and its e-commerce payment volume has surged by 238% year-on-year since its Series A funding round in 2021. This growth comes as more small and medium-sized businesses (SMEs) adopt YouTrip’s corporate card, YouBiz, which enables them to manage payments and invoices in multiple currencies.
Consumer and enterprise adoption on the rise
YouTrip’s consumer user base has tripled over the past two years, thanks in part to a rebound in post-pandemic travel and the growth of e-commerce in Southeast Asia. On the enterprise side, YouBiz has already onboarded more than 3,000 companies since its launch last year, with plans to double this number by 2024. YouBiz primarily targets businesses with fewer than 100 employees, spanning from tech startups to more traditional sectors like travel agencies and healthcare.
The company is also focusing on expanding its product features. For instance, plans are underway to integrate artificial intelligence to provide personalised financial insights and intelligent budgeting tools. Additionally, YouTrip aims to capitalise on new Singaporean regulations that will significantly raise e-wallet transaction limits, thereby allowing for more comprehensive financial services.
Building on unique localisation strategies
What sets YouTrip and YouBiz apart from competitors is their focus on localisation. The company tailors its mobile apps and even card designs for each market it enters, a strategy that has proven effective in capturing a larger market share. This localisation is pivotal not just for consumer fintech developments but also for the digital transformation of SMEs, which largely still rely on traditional banking services.
In a statement, Lightspeed partner Pinn Lawjindakul praised YouTrip, saying, “Their multi-currency digital payments platform enables everyone to have a safer, smarter and superior experience with foreign currencies and digital payments.”
