Singapore-based challenger YouTrip scores $25.5m funding
YouTrip, the fintech based in Singapore, has received a $25.5 million investment dedicated to expanding its challenger bank offering throughout Southeast Asia, as reported by TechCrunch.
The funding comes from Insignia Ventures Partners, the Singapore firm from Yinglan Tan, formerly with Sequoia India and Southeast Asia, as well as undisclosed family offices and angels.
The firm is one of the smaller firms following in the footsteps of already established challengers in the West like Monzo and Starling.
YouTrip CEO Caecilia Chu has worked in institutions like Citibank, McKinsey and Chinese fintech giant Lufax.
YouTrip launched in August 2018. It currently has more than 200,000 app downloads and completed more than one million transactions for its customers, according to its CEO.
Its debit card covers 150 currencies in the app, but the YouTrip app is limited to 10 currencies, although more are on the way.
According to TechCrunch, Chu went to Harvard with Grab founders Anthony Tan and Hooi Ling Tan, and started the business with co-founder Arthur Mak in 2016 for frequent travellers with no cash on them.
YouTrip offers 0% transaction fees and no cross-border fees, but there are “competitive” exchange rates and a “small” fee for ATM withdrawals.
The card is supported by Mastercard and includes integration with EZ-Link, the contactless payment option that covers public transport and more in Singapore.
More integrations of this type, as well as product launches, are in the roadmap. This seems like a perfect opportunity to take advantage of the delayed entry into Singapore of Revolut.