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YouTrip closes US$50 million in series B fundraising, plans regional expansion

YouTrip closes US$50 million in series B fundraising, plans regional expansion

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Multi-currency digital payment platform YouTrip has revealed that it has raised US$50 million in its latest Series B fundraising round.

The new capital will be used to further propel the company’s growth trajectory by investing in more technologies, such as artificial intelligence (AI), to deepen product and innovation capabilities.

This would enable YouTrip to expand its suite of B2C and B2B offerings with a vast array of new experiences — from hyper-personalised offerings such as smart budgeting and customised financial insights for consumers to smarter expense management for SMEs, it said. 

Led by new investor and global venture capital firm Lightspeed, Youtrip’s total funds now amount to US$100 million since the company’s launch in 2018.

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YouTrip also aims to use the funds to expand its regional presence across Indonesia, Malaysia, the Philippines, and Vietnam.

"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,” said Caecilia Chu, CEO and co-founder of YouTrip.

“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,” she added.

YouTrip has seen considerable growth in its consumer multi-currency spending in Singapore and Thailand, with its user base having tripled over the last two years.

In the previous Series A Funding round in 2021, Youtrip received US$30 million.  It raised over US$60 million in funding in total since launch at the time, following a pre–Series A funding led by Insignia Ventures Partners in 2019. The funds were used to supercharge the company’s technological capabilities, enter the B2B space in adjacent markets and accelerate its entrance into the rest of Southeast Asia. 

YouTrip has also quadrupled the number of card spend processed globally since its previous round of funding.

Pinn Lawjindakul, partner at Lightspeed, said, “We are excited by their depth and vision, and look forward to partnering them in this next phase of growth and expansion."

With the funds, YouTrip will be deepening its investment to bolster its capabilities in artificial intelligence and other emerging technologies to widen its offerings.

“We have built a payment ecosystem that empowers the safe, seamless and efficient movement of money, regardless of location, says Arthur Mak, co-founder and chief product officer of YouTrip. “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.”

YouTrip also plans to grow its portfolio of services to help SMEs accelerate their cross-border growth plans in the digital economy. This includes enhancing its current expense management capabilities as well as introducing new features such as credit lines to cater to the diverse needs of businesses.

Related articles:
YouTrip's Jeremy Lim joins ShopBack SG as marketing head
YouTrip sets sights on B2B payments as it bags another US$30m in funding
YouTrip grows marketing team in SG as it slashes HK staff headcount

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