YouTrip plans B2B expansion following $30m Series A
Singapore-based YouTrip has raised $30 million in a Series A funding round.
The company, which offers a multi-currency wallet for customers in Southeast Asia, says it is now also planning expansion into the B2B space.
The funding has stemmed from returning investors from major Asian family offices and financial technology investors. The company has raised over $60 million in capital since launch.
The new cash will be used to extend 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 market.
To date, it has processed over $800 million in card spend, with almost 20 million transactions and over 1.5 million app downloads.
It says its transaction volumes have rebounded to pre-Covid levels, driven by strong traction in cross-border e-commerce transactions and a progressive return of travel spending.
The firm views the B2B payments ecosystem as having a lot of potential. It is expected to be worth $150 trillion by 2022, with SMEs showing a strong willingness to adopt digital banking services, specifically for cross-border payments.
YouTrip was launched in Singapore in 2018 and in Thailand in partnership with Kasikornbank in 2019. The company is a Major Payment Institution licensed by the Monetary Authority of Singapore.