Singaporean neobank YouTrip announced today that it has raised $30 million in its Series A funding round.
This round was backed by returning investors from major Asian family offices and prominent financial technology investors. According to YouTrip, this will solidify its position as the leading neobank in Southeast Asia offering B2B and B2C multi-currency payments.
The company, offering a multi-currency wallet, has now raised over $60 million in funding in total since its launch in 2018.
Caecilia Chu, YouTrip’s CEO and Co-founder described the company’s transformation since their last funding round as a gaining ground for them to establish a strong foothold in new territories such as overseas online spending to meet the extraordinary shifts in consumer behaviors.
“We believe there is untapped potential in cross-border payments, and our market-leading position in this space puts us in a good place to serve more of our users’ payment needs – from travelers, to online shoppers, and now, businesses,” Chu said in a statement.
Chu added that the latest round will also give them the resources to strengthen their multiple growth engines to stay resilient and well-primed for expansion into new vistas.
YouTrip’s new capital will “supercharge” the company’s technological capabilities to bolster its suite of payment products, in particular entering the adjacent B2B payments space, as well as accelerating its entrance into the wider Southeast Asia.
Meanwhile, the company has set its sights on the B2B payments ecosystem, whose industry is expected to be worth $150 trillion by 2022.
Arthur Mak, YouTrip’s Co-founder said, they are excited about this opportunity.
According to the company’s media release, YouTrip’s new corporate credit card, YouBiz, “promises the best value and best-in-class multi-currency payment experience.” Their product offers higher spending limits while transacting at the best exchange rates in 150+ currencies, and credit terms offered to selected business account users.
YouTrip will be refreshing its app with new features such as a virtual card, an interactive exchange rates dashboard, and the ability to hold more popular currencies in their wallet. This is set to be launched in early 2022.