utu offers a Tax Free Card that lets international shoppers convert VAT/GST refunds into frequent flyer miles, hotel points, or an immediate store voucher worth 120% of the tax paid. The product is designed to simplify and increase the value of tax-free shopping for tourists who otherwise receive only part of their VAT back. utu partners with airlines and hospitality brands — including Air France-KLM, Emirates, Qatar Airways, Singapore Airlines and Accor — and works with fintech partners such as Nium while using proprietary technology. The company says partners can grow revenue from tourist shopping by up to 40%, and that customers can receive over 90% of refund value in airline miles. utu recently acquired Singapore-based CardsPal, which provides a digital marketplace, promotions engine and self-service merchant portal to accelerate rollouts. The company will use its recent funding to expand product distribution across countries offering VAT/GST refunds, invest in technology and new products, and strengthen management to execute growth plans.

Total raised

$33M

Funding rounds

1

Latest round

Series B

Latest activity

Jun 2023