Singapore-based YouTrip, an online bank that focuses on making multi-currency transactions less costly and more efficient, has raised a $30m in Series A funding.
According to a report from TechCrunch, YouTrip founder and CEO Caecilia Chu said the round was led by prominent family offices in Asia who prefer to remain unnamed, but are returning from earlier rounds.
The Series A brings YouTrip’s total funding to more than $60 million. The company says it has now processed over $800 million in card spend globally, with almost 20 million transactions and over 1.5 million app downloads.
Youtrip said the latest funding will be used to “quicken and sharpen” online payments, including overseas payments. The capital will also allow the company to boost its technological capabilities and bolster its suite of payment products, as well as enter the adjacent B2B payments scene and expand its foothold its Southeast Asia.
The online bank has been expanding its merchant list on YouTrip Perks, a service which offers YouTrip customers deals on certain brands. In November the company has onboarded over 12 new merchants such as Dyson and Taobao.
In addition, the company will update its app and virtual card early next year. As well as launch YouBiz, a product for aspiring entrepreneurs or business operators looking to save on cross-border fees.
Chu said, “From a mobile travel wallet, we have grown to establish a strong foothold in new territories such as overseas online spending to meet the extraordinary shifts in consumer behaviours.
“We believe there is untapped potential in cross-border payments, and our market-leading position in this space puts us in a good place to serve more of our users’ payment needs – from travellers to online shoppers, and now businesses. As a company, this latest round also gives us the resources to strengthen our multiple growth engines to stay resilient and well-primed for expansion into new vistas.”
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