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Singapore Travel Wallet YouTrip Eyes ASEAN Expansion with US$25.5m pre-Series A Funds  

Singapore Travel Wallet YouTrip Eyes ASEAN Expansion with US$25.5m pre-Series A Funds  

 

Singapore-based travel wallet YouTrip said it has raised US$25.5 million in a pre-series A round, making it one of the largest early-stage investments in Southeast Asia.

The company, which operates a multicurrency mobile wallet, said that proceeds from the round will be used to launch new features, expand in Southeast Asia, and improve its payment infrastructure, as reported by Tech in Asia.

Launched in August 2018, YouTrip’s multi-currency mobile wallet comes linked with a prepaid Mastercard, issued by EZ-link. The wallet, which can store up to S$3,000, allows travellers to pay in some 150 currencies at wholesale exchange rates with no transaction fees or foreign exchange markup. The app also allows for the exchange and storage of 10 selected currencies.

The YouTrip service in Singapore is integrated with Singapore’s EZ-Tap payment system. Image: TechCrunch.com
The YouTrip service in Singapore is integrated with Singapore’s EZ-Tap payment system. Image: TechCrunch.com

 

Since its inception, YouTrip has clocked more than 200,000 app downloads and completed more than 1 million transactions for its customers, according to CEO and co-founder Caecilia Chu.

According to The Business Times and Tech Crunch, with the new investment, YouTrip will reach one or two new markets over the next six to 12 months. It already has a regional footprint, though. Its team of 70 is located across HQ in Singapore and an engineering office in Hong Kong.

“We’re certainly looking to expand regionally,” she said. “We will hire a local team for each country because the future of fintech is regional and we believe in a localized strategy.”

Image: YouTrip site/Tech in Asia
Image: YouTrip site/Tech in Asia

 

Investors in the $25.5 million round include Insignia Ventures Partners — the Singapore firm from Yinglan Tan, formerly with Sequoia India and Southeast Asia — with undisclosed family offices and angels providing the remainder.

The travel market in South-east Asia represents immense untapped potential for fintechs, said Pachara Lawjindakul, principal at Insignia Ventures Partners.

 

 

 

 

Indah Gilang Pusparani

Indah is a researcher at Badan Perencanaan Pembangunan Penelitian dan Pengembangan Daerah Kota Cirebon (Regional Development Planning and Research Agency of Cirebon Municipality). She covers More international relations, tourism, and startups in Southeast Asia region and beyond. Indah graduated from MSc Development Administration and Planning from University College London, United Kingdom in 2015. She finished bachelor degree from International Relations from University of Indonesia in 2014, with two exchange programs in Political Science at National University of Singapore and New Media in Journalism at Ball State University, USA. She was awarded Diplomacy Award at Harvard World Model United Nations and named as Indonesian Gifted Researcher by Australian National University. She is Researcher at Regional Planning Board in Cirebon, West Java. She previously worked as Editor in Bening Communication, the Commonwealth Parliament Association UK, and diplomacy consulting firm Best Delegate LLC in USA. Less
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