YouTrip Co-Founder and CEO Caecilia Chu
YouTrip, a Singapore-based fintech company providing multicurrency wallets, has secured US$50 million in a Series B round of financing led by Lightspeed Venture Partners.
This brings the company’s total funding raised since its inception in 2018 to US$100 million.
YouTrip will use the Series B capital to accelerate growth and expansion plans by launching new products and features that complement its existing offerings. The company also plans to expand into new markets, including Indonesia, Malaysia, the Philippines, and Vietnam.
Also Read: YouTrip raises US$30M to expand to B2B space, enter new markets
A portion of the funds will be invested in technology to make the products more user-intuitive and reliable.
“YouTrip launched in 2018 with the bold vision to empower everyone with a smarter and more convenient way to pay in foreign currency. We achieved tremendous growth despite the pandemic, strengthening our position as the region’s leading digital payment solutions for consumers and businesses,” said CEO and Co-Founder Caecilia Chu.
Licensed by the Monetary Authority of Singapore, YouTrip offers services such as payments, foreign exchange, remittances and cards. Its multi-currency mobile wallet with a prepaid Mastercard lets users shop online and offline worldwide with zero FX fees. Users can use the wallet in over 150 countries and withdraw cash from overseas ATMs (only available for Singapore app users).
Also Read: Multi-currency e-wallet YouTrip secures US$25.5m funding
The fintech firm claims to have processed about US$10 billion in annualised transaction volume to date.
In 2021, YouTrip announced a US$30 million Series A funding round from undisclosed investors, including returning investors from Asian family offices and fintech investors. Since then, its e-commerce payment volume has grown 238 per cent in annualised transactions.
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