Singapore-based YouTrip aims to scale its product offerings, including venturing into the B2B payments space, and accelerate its expansion across Southeast Asia.
YouTrip has raised $30 million in a Series A funding round driven by returning investors from major Asian family offices and prominent financial technology investors, bringing its total funding since launch to $60 million, it said in an announcement on Tuesday.
The company has set its sights on the growing B2B payments space, as it said SMEs are showing a strong willingness to adopt digital banking services, specifically for cross-border payments. To cater to this segment, it will be rolling out its YouBiz product in Singapore in the first quarter of 2022, and with plans to bring it to five other Southeast Asia countries in the next 12 months. It has already received over 1,000 sign-ups in a beta launch.
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, Arthur Mak, co-founder said in the announcement.
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, Caecilia Chu, co-founder, said.
YouTrip said its transaction volume has rebounded to pre-COVID levels, driven by strong traction in cross-border e-commerce transactions and return of travel spending. Exponential growth is expected in the upcoming months following the opening of more Vaccinated Travel Lanes in Singapore and progressive return of regional travel.
According to YouTrip, it has processed over $800 million in card spending globally, with almost 20 million transactions and over 1.5 million app downloads.