A deal consisting of an acquisition and a fundraise worth US $33 million has been completed by Singapore-based travel company Utu. The deal also involves the purchase of CardsPal, a regional platform specializing in rewards, and new funding from SC Ventures, Standard Chartered’s investment division.
A credit card and event deal app called CardsPal was developed by SC Ventures. According to a statement, after the deal, it will offer Utu a number of platforms including a digital marketplace, a promotions engine, and a merchant registration portal. The business will also support Utu’s growth initiatives.
Utu, which was established in 2016, aims to increase tax refunds received by travelers while they are away from home. One of its solutions is the Tax-Free Card, a virtual card that, when used with the company’s airline or hotel partners, increases refund value. Air France-KLM, Emirates, Etihad, Qatar Airways, Singapore Airlines, and the hospitality company Accor are a few examples of these.
“The cross-border travel market is ripe for a technology-driven transformation, with tax-free shopping presenting vast untapped potential,” said Utu CEO Asad Jumabhoy.
