YouTrip operates a multicurrency consumer wallet and YouBiz business accounts with corporate cards, providing payments, foreign exchange, remittances and cards. It is a major payment institution licensed by the Monetary Authority of Singapore. Since launching in 2018, YouTrip has processed close to $10 billion in annualized transaction volume; its e-commerce payment volume has grown 238% and its user base has tripled since its Series A in 2021. YouBiz has onboarded more than 3,000 enterprises since its launch last May and aims to double that number by 2024, targeting SMEs with fewer than 100 employees. The company plans to use new funding to develop product technology, hire over 100 regional staff, expand into Indonesia, Malaysia, the Philippines and Vietnam, and add AI-driven budgeting, expanded expense-management features and credit lines for SMEs. YouTrip emphasizes localization of apps and card design for each market as a competitive differentiator. YouTrip is a Singapore-based challenger bank focused on multi-currency card payments and reducing costs for cross-border transactions. The company has processed over $800 million in card spend across almost 20 million transactions and has more than 1.5 million app downloads. YouTrip says it owns its end-to-end technology and licensing infrastructure, which it cites as a key advantage for optimizing margins and controlling its product roadmap. It is expanding beyond consumer travel customers into SMBs with a B2B offering (YouBiz), a multi-currency corporate card targeted at companies with 1–1,000 employees, and plans an expense management tool. YouTrip is currently operational in Singapore and Thailand, has partnered with Visa to expand into the Philippines and Malaysia, and is in late-stage discussions to enter Indonesia and Vietnam. The company plans a consumer app brand makeover and new payment features in early 2022 while pursuing geographic expansion and the B2B launch. YouTrip provides an app-and-debit-card product that lets users spend in 150 currencies (the app currently supports 10 currencies) with zero percent transaction and no cross-border fees, and a small fee for ATM withdrawals up to SG$3,000 per day. The company launched commercially in August 2018 and was founded in 2016; it has recorded more than 200,000 app downloads and over 1 million transactions to date. YouTrip’s card in Singapore is backed by Mastercard and integrates with EZ-Link for local contactless payments. The team of about 70 is split between HQ in Singapore and an engineering office in Hong Kong. Management says it is focused on travelers today but plans to add local currency options, expand into one or two new Southeast Asian markets within 6–12 months, and introduce additional financial products over time to generate revenue.

Total raised

$106M

Funding rounds

3

Latest round

Series B

Latest activity

Oct 2023