YouTrip, a multi-currency digital payments platform in Southeast Asia, has successfully secured $50 million in its latest Series B fundraising round, according to an announcement.
This round was led by Lightspeed, a global venture capital firm and a new investor in YouTrip, propelling the company’s total funds raised to an impressive sum of over $100 million since its inception.
The fresh influx of capital is earmarked for accelerating YouTrip’s growth trajectory. Plans include significant investments in advanced technologies to enhance product and innovation capabilities, and expanding the regional team with the addition of over a hundred new talents.
Furthermore, YouTrip is gearing up to launch in new markets across Southeast Asia, targeting Indonesia, Malaysia, the Philippines, and Vietnam.
Caecilia Chu, CEO and Co-Founder of YouTrip, expressed her enthusiasm, highlighting the company’s tremendous growth despite the challenges posed by the pandemic.
“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,” Chu said. She emphasized the company’s commitment to catalyzing the growth of cross-border commerce and bringing digital payment services to millions across the region.
In Singapore and Thailand, YouTrip has witnessed a threefold increase in its user base over the last two years, consolidating its position as the preferred digital wallet for foreign currency transactions.
This growth is attributed to the post-pandemic travel recovery and the burgeoning e-commerce sector in Southeast Asia. The company’s corporate card and spend management platform for SMEs, YouBiz, has also seen robust growth, onboarding over 3,000 enterprises since its launch in May of the previous year.
Pinn Lawjindakul, Partner at Lightspeed, expressed his confidence in YouTrip, citing personal experience of the pain points in foreign currency and digital payments that YouTrip addresses.
We are excited by their depth and vision, and look forward to partnering with them in this next phase of growth and expansion.
YouTrip’s plans include deepening its investment in artificial intelligence and other emerging technologies, enhancing its current expense management capabilities, and introducing new features such as credit lines to support SMEs in their cross-border growth plans.
Headquartered in Singapore, YouTrip is well-recognized in the fintech and digital payment space, recently receiving accolades such as Most Innovative FinTech Company in Southeast Asia, and being listed as one of the Top Startups in Singapore by LinkedIn.