YouTrip Raises $50 Million in Series B Funding to Expand Its Digital Payment Platform Across Southeast Asia

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In a major stride towards bolstering its digital payment platform, YouTrip, a prominent Southeast Asian multi-currency payment solution provider, has successfully secured $50 million in its latest Series B funding round. This strategic move, led by Lightspeed, the global venture capital firm, propels YouTrip’s total funds raised to over $100 million since its inception.

Expanding Digital Payment Services Across Southeast Asia

The infusion of this fresh capital aims to accelerate YouTrip’s growth trajectory by investing in cutting-edge technologies to enhance product offerings and foster innovation. It also includes a significant expansion of its regional team by hiring over a hundred new talents as YouTrip extends its services to new markets across Southeast Asia. With a mission to provide accessible, convenient, and seamless digital payment services, YouTrip’s expansion plan includes Indonesia, Malaysia, the Philippines, and Vietnam.

CEO’s Perspective

Caecilia Chu, CEO, and Co-Founder of YouTrip expressed, “YouTrip launched in 2018 with the bold vision to empower everyone with a smarter and more convenient way to pay in foreign currency. We achieved tremendous growth despite the pandemic, strengthening our position as the region’s leading digital payment solutions for consumers and businesses.”

She further noted, “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 catalyze the growth of cross-border commerce, bringing accessible, integrated, and seamless digital payment services to millions of users across Southeast Asia and beyond.”

Pioneering Multi-Currency Digital Payments

YouTrip has experienced substantial growth in consumer multi-currency spending in Singapore and Thailand. Over the past two years, its user base has tripled, driven by post-pandemic travel recovery and the continuous expansion of e-commerce in Southeast Asia. The number of card spending processed globally has quadrupled since the previous funding round.

YouBiz, the company’s corporate card and spend management platform designed for SMEs, has also achieved significant milestones since its launch in May last year. Within its first year, YouBiz onboarded over 3,000 enterprises, with plans to double this number by 2024.

Lightspeed’s Investment

The substantial investment by Lightspeed serves as a vote of confidence in YouTrip’s ability to deliver innovative and hyper-local solutions. It underscores YouTrip’s leadership in crafting a scalable business strategy that taps into the vast market opportunities in Southeast Asia.

Pinn Lawjindakul, Partner at Lightspeed, expressed, “Their multi-currency digital payments platform enables everyone to have a safer, smarter, and superior experience with foreign currencies and digital payments. We are excited by their depth and vision and look forward to partnering with them in this next phase of growth and expansion.”

Catalyzing Payment Innovations for Consumers and Businesses

As Southeast Asians seek greater convenience and personalization in financial services due to their increasing digital lifestyle, YouTrip is poised to bolster its capabilities in artificial intelligence and other emerging technologies. This will lead to wider hyper-personalized offerings, such as smart budgeting, customized financial insights, and other travel-related services.

YouTrip is also planning to expand its services to aid SMEs in accelerating their cross-border growth plans in the digital economy. This includes enhancing its current expense management capabilities and introducing new features like credit lines to cater to the diverse needs of businesses.

Commitment to Empowering Consumers and Businesses

Arthur Mak, Co-Founder, and Chief Product Officer of YouTrip highlighted their commitment to empowering consumers and businesses in the digital economy. He explained, “We remain committed to developing hyper-personalized 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 B2C products.”

YouTrip, headquartered in Singapore, is a pioneering entity in the Southeast Asian fintech and digital payment arena. It offers a smarter and more convenient way to pay with the best exchange rates in 150+ currencies, with no fees and hidden charges. Additionally, it caters to the B2B payments market with YouBiz, enabling SMEs and startups to streamline their cross-border payments and expense management.

The company’s commitment to innovation is underscored by its recent YouTrip 2.0 consumer app refresh and new features introduced on the YouBiz App 2.0, providing users with an enhanced experience. YouTrip has received accolades for being the Most Innovative FinTech Company in Southeast Asia, the Best Multi-Currency Mobile Wallet Provider in Asia, and the Best SME Finance Management Platform in APAC Insider’s 2023 Singapore Business Awards. It has also been recognized as one of the Top Startups in Singapore by LinkedIn, cementing its position as a leading fintech company in the region.