YouTrip, a Singapore-based neobank, today announced a US$30 million Series A investment round from unidentified investors, including family offices and fintech investors who have previously invested in the company.
According to The Business Times, Insignia Ventures Partners, which was a member of the company’s US $25.5 million Pre-Series A investment round in 2019, did not participate in this round.
YouTrip said in a news release that the additional money will be utilised to help it expand into the Southeast Asian market. In addition, the business intends to extend its B2B offerings.
It aims to debut its new corporate credit card, YouBiz, in Singapore in early 2022, with ambitions to expand to five other Southeast Asian nations within a year.
Higher spending limits are available while dealing in more than 150 currencies, and credit terms are available to certain business account customers. Employees will be able to receive corporate cards, and all spending will be consolidated into one platform.
YouTrip, which launched in 2018, claims to have processed over US $800 million in card transactions internationally, with around 20 million transactions and 1.5 million app downloads.
The business also stated that their transaction volume had returned to pre-COVID-19 levels, owing to “strong traction in cross-border e-commerce transactions and a gradual resumption of travel expenditure.”
“We’re very excited about the B2B payments opportunity. It is a segment with a deep market, as companies increasingly operate in a distributed and borderless manner and we expect their cross-border payment needs to go up. By incorporating our company’s core strengths of offering the best exchange rates and an extremely easy-to-use interface into YouBiz, we help businesses save time and cost so that they can focus their energy and efforts in finding growth,” said YouTrip co-founder Arthur Mak.
“We have transformed tremendously as a company since our last funding round space puts us in a good place to serve more of our users’ payment needs – from travellers to online shoppers, and now, businesses,” said YouTrip CEO and Co-Founder Caecili a Chu. “As a company, this latest round also gives us the resources to strengthen our multiple growth engines to stay resilient and well-primed for expansion into new vistas.”
