The new capital will be used to further propel the company's growth trajectory by investing in more technologies to deepen product and innovation capabilities, and expanding its regional team by hiring over a hundred new talents as it launches in new markets across Southeast Asia. Committed to its mission of providing accessible, convenient, and seamless digital payment services, YouTrip aims to expand its regional presence across Indonesia, Malaysia, the Philippines, and Vietnam.
Caecilia Chu, CEO and Co-Founder of YouTrip, said, "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."
"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 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.
Accelerating Growth Momentum in the Golden Age of E-wallets
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. YouTrip continues to be consumers' digital wallet of choice for FX transactions, driven by post-pandemic travel recovery and the continued growth of e-commerce in Southeast Asia. YouTrip has also quadrupled the number of card spend processed globally since the previous round of funding.
Juthasree (June) Kuvinichkul, Founding Partner of YouTrip Thailand, said, "YouTrip's closing of Series B funding is a major milestone for the company, and it's especially exciting for our Thai users. Earlier in September, we launched YouTrip 2.0 in Thailand where users are greeted with an improved app interface, allowing them to have an even more seamless payment experience. With this funding, we are well positioned to provide Thais with the best possible cross-border payment experience as we continue to invest in our product and services as we expand our reach throughout Thailand."
YouBiz, the company's corporate card and spend management platform for SMEs in Singapore, has also achieved significant milestones since its launch in May last year. Within its first year, YouBiz has on boarded over 3,000 enterprises and aims to double the number by 2024.
The sizable investment by Lightspeed is a vote of confidence in YouTrip's ability to deliver innovative and hyperlocal solutions, and its leadership in building a scalable business strategy to tap into the vast market opportunity in Southeast Asia.
Pinn Lawjindakul, Partner at Lightspeed, said, "My personal experience of the pain point reinforces my conviction in what the YouTrip team has built. 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 them in this next phase of growth and expansion."
Catalysing Payment Innovations for Consumers and Businesses, Locally and Abroad
As Southeast Asians seek greater convenience and personalisation in financial services due to their increasing digital lifestyle, YouTrip will be deepening its investment to bolster its capabilities in artificial intelligence and other emerging technologies to widen its hyper-personalised offerings such as smart budgeting and customised financial insights and other travel-related offerings.
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 as they expand and grow.
Headquartered in Singapore, YouTrip is a first-mover in the Southeast Asian fintech and digital payment space offering a smarter and more convenient way to pay with the best exchange rates in 150+ currencies, with no fees and hidden charges. YouTrip was launched in Thailand in partnership with Kasikornbank in 2019. YouTrip is the market leader in innovation and new technologies, with its recent YouTrip 2.0 consumer app refresh and new features on YouBiz App 2.0 demonstrating its commitment to providing users with the best possible experience.
It has also been recognised by industry experts, winning awards for Most Innovative FinTech Company in Southeast Asia, Best Multi-Currency Mobile Wallet Provider in Asia, and Best SME Finance Management Platform from APAC Insider's 2023 Singapore Business Awards. Additionally, YouTrip was recently recognised as one of the Top Startups in Singapore by LinkedIn, further cementing its position as a leading fintech company in the region.
Source: Chomchaviwan
