Homegrown multi-currency digital payments platform YouTrip announced today (October 26) that it has
raised US$50 million in its latest Series B funding round.
The funding round, which was led by new investor and global venture capital firm Lightspeed, brings the company’s total funds raised to over US$100 million since its inception.
With the new injection of funds, YouTrip aims to further propel its growth trajectory by investing into emerging technologies such as artificial intelligence to deepen the company’s product and innovation capabilities. This includes the expansion of YouTrip’s hyper-personalised offerings such as its smart budgeting tool and customised financial insights tool, among other travel-related offerings.
On the business-to-business (B2B) front, YouTrip plans to grow its portfolio of services to help SMEs accelerate their cross-border growth plans in the digital economy. As part of this plan, the company will enhance its current expense management capabilities and introduce new features such as credit lines to cater to the diverse needs of businesses as they expand and grow.
At YouTrip, we believe that technology and payment innovation are key to empowering consumers and businesses to thrive in the digital economy. We have built a payment ecosystem that empowers the safe, seamless and efficient movement of money, regardless of location.
We remain committed to developing hyper-personalised offerings that meet the unique needs of our users, and are excited to bring our innovative payment solutions to diverse markets in Southeast Asia so that more can enjoy the intuitive convenience and cost-saving benefits effectuated by our B2B and business-to-consumer (B2C) products.– Arthur Mak, Chief Product Officer and co-founder, YouTrip
Additionally, YouTrip is also expanding its regional presence across Indonesia, Malaysia, Philippines, and Vietnam as part of its mission to provide accessible, convenient, and seamless digital payment services. As it launches in these new Southeast Asian markets, the company plans to bolster its regional team by hiring over a hundred new talents.
The latest funding round is YouTrip’s largest to date and is a testament to our strong potential in the B2B and B2C payment spaces. We are confident in our ability to catalyse the growth of cross-border commerce, bringing accessible, integrated and seamless digital payment services to millions of users across Southeast Asia and beyond.– Caecilia Chu, CEO and co-founder, YouTrip
YouTrip’s user base has tripled over the past two years
Since its launch in 2018, YouTrip has seen considerable growth in its consumer multi-currency spending in both its Singapore and Thailand markets, with its user base having tripled over the last two years.
The company has also quadrupled the number of card spend processed globally since its last funding round back in 2021.
Meanwhile, YouBiz, the company’s corporate card and spend management platform for SMEs, has also achieved significant milestones since its launch in May last year. Within its first year, the company has managed to onboard over 3,000 enterprises on YouBiz, and aims to double this number by 2024.
Featured Image Credit: YouTrip