Singapore’s very own financial gem, YouTrip, is shining even brighter. Recently securing a whopping $50 million in a Series B round led by Lightspeed, the fintech giant’s momentum doesn’t seem to be slowing down anytime soon. With a whopping total of $100 million raised since its 2018 inception, the company is making waves in the finance sector.
Tapping into Southeast Asian Markets
The latest injection of funds has a clear purpose: scaling and enhancing their product technology while also expanding the YouTrip team by over 100 members. Their expansion vision targets the flourishing Southeast Asian markets, including Indonesia, Malaysia, the Philippines, and Vietnam.
Being a Major Payment Institution licensed by the Monetary Authority of Singapore, YouTrip has established itself as a force to be reckoned with. Their plethora of services spans payments, foreign exchange, remittances, and cards.
A Peek into YouTrip’s Impressive Track Record
Since its debut, YouTrip has seen an overwhelming surge in its transaction volume, nearing $10 billion USD. Moreover, their e-commerce payment volume witnessed a 238% growth since their Series A in 2021.
A notable pivot in their funding journey was their collaboration with venture-backed companies. Previous investments saw significant support from influential Asian family offices. These relationships were strategic, laying a strong foundation for the company’s growth due to their long-term nature.
Post-Pandemic Resurgence and Expansion
Travel, especially in Southeast Asia, picked up after the pandemic pause, presenting opportunities for YouTrip. They aptly capitalized on this by preparing to launch YouBiz, their corporate card solution. This product is especially tailored for SMBs, allowing seamless digital transactions in multiple currencies, whether it’s sending or receiving money or invoicing global customers.
YouTrip’s multi-currency spending has seen significant growth, especially in Singapore and Thailand. The last couple of years have been especially promising, tripling their user base. This uptick can be attributed to two major factors: the post-pandemic revival of travel and the e-commerce boom in Southeast Asia.
Delving Deeper into YouBiz
Their B2B product, YouBiz, has garnered attention too. In just a short period since its launch, over 3,000 enterprises have hopped on board. And YouTrip is not stopping there; they have plans to double that figure by 2024. Their primary clientele? Businesses that have fewer than 100 employees. This encompasses a range of sectors, from tech startups and IT providers to more traditional industries like travel agencies and healthcare.
YouBiz is turning out to be indispensable for these companies. Whether it’s business travel or managing digital marketing budgets (think expenses on platforms like Google and Facebook), YouBiz is the go-to. With transactions predominantly in USD, the card offers SMEs considerable foreign exchange savings. Add to this the remittance services, and businesses have a comprehensive solution for paying both suppliers and remote workers.
One can’t overlook the YouBiz perks program either. Collaborating with partners, this program offers customers enticing cash-back deals, nudging them towards more frequent and larger transactions.
Future Trends and Growth Catalysts
The digitization wave, particularly within SMEs and consumer behavior, is undeniable. This trend, further accelerated by the pandemic, provides YouTrip with a distinct growth advantage.
