YouTrip raises $ 30 million in Series A as it enters the B2B payments field – Wired PR Lifestyle Story

If you were an avid traveler, chances are you would have used it YouTrip one way or the other.

The neobank in Southeast Asia is the region’s leading and leading multi-currency wallet that facilitates foreign exchange and offers the best exchange rates for users.

Today (November 30), YouTube announced that it has raised $ 30 million in its final round of Serie A. The round is encouraged by translating investors from major Asian family offices and major financial technology investors.

With this new injection of funds, the company has raised a total of more than $ 60 million since its launch in 2016.

According to YouTrip, the new capital will surpass the company’s technological capabilities to strengthen its set of payment products, especially by entering the adjacent B2B payment space, as well as accelerating its revenue.
The breadth of Southeast Asia.

“As a company, this latest round also gives us the resources to strengthen our diverse growth engines
be resilient and well-prepared to expand into new perspectives, ”said Caecilia Chu, founder and CEO of YouTrip.

Transaction volumes returned to previous Covid levels

When the pandemic hit, YouTube had to turn around quickly since the borders were closed and travel stopped. YouTrip focused on e-commerce, which he has given in leaps and bounds.

So far, the transaction volume on YouTrip has risen to the previous level of Covid. The card’s transactions exceed $ 800 million, with nearly 20 million transactions and more than 1.5 million applications downloaded.

This has a significant impact on cross-border e-commerce transactions and the return on travel expenses. With the introduction of Embedded Travel Routes, YouTube expects exponential growth in the coming months.

We have transformed tremendously as a company since our last round of funding. From a mobile travel wallet, we have grown strongly in new territories, such as overseas online spending, to cope with extraordinary changes in consumer behavior.

We believe that there is untapped potential in cross-border payments, and our position as a market leader in this space puts us in a good position to meet our users ’more payment needs, from travelers to online.
buyers, and now companies.

– Caecilia Chu, co-founder and CEO of YouTrip

YouBiz, a corporate card for companies

In addition to getting e-commerce offers for users, YouTrip has also kept busy offering business.

According to YouTrip, the B2B industry – expected to be worth $ 150 trillion by 2022 – has reached its full potential.

YouTrip’s new corporate credit card, YouBiz, offers higher spending limits, while at the best exchange rates, in more than 150 currencies and credit terms offered to selected business account users.

Companies can also issue corporate cards to employees, making all expenses easier on a single platform.

“While our company’s core strengths are providing you with the best exchange rates and a very easy-to-use interface on YouBiz, we help companies save time and cost by focusing energy and effort on growth,” said Arthur Mak, co-founder of YouTrip.

The YouBiz corporate card has received more than 1,000 registrations to date.

Singapore will open in the first quarter of 2022 with the intention of moving to five other Southeast Asian countries in the next 12 months.

Application updates for 2022 and a trip paid for at all costs

The company’s rewards platform, which offers money back and offers from major merchants like YouTrip Perks, Taobao, Amazon and Singapore Airlines, has seen a 150 per cent increase in transactions since its launch in September.

For a better user and payment experience, they will refresh their app with a virtual card, an interactive exchange rate panel and the ability to have more popular currencies in their wallet for a more unified payment experience.

These changes will be implemented in early 2022.

YouTrip has also launched it VTL Holiday Away campaign to give greater value to foreign travel.

From today until December 31st, YouTrip users will be able to receive a refund of up to $ 100 when they pay using YouTrip for foreign expenses. A selected user will also be awarded a grand prize for a VTL trip for all expenses up to $ 5,000.