Singapore-based neobank YouTrip has raised US$30 million in a Series A funding round that will fuel its move into B2B payments and the wider Southeast Asian market.
YouTrip launched in 2018 with a multi-currency payments app and pre-paid Mastercard for frequent travellers. It currently operates in Singapore and Thailand.
The firm says that with strong cross-border e-commerce business and the return of travel spending following Covid, it has seen solid growth, with more than 1.5 million app downloads and over US$800 million in spending processed.
Now it is setting its sights on the B2B payments ecosystem with a corporate credit card, called YouBiz. This card will have higher spending limits while transacting at the best exchange rate in more than 150 currencies.
YouBiz will be rolled out in Singapore in the first quarter of 2022, with plans to bring it to five other Southeast Asia countries in the next twelve months.
Arthur Mak, co-founder, YouTrip, says: “We’re very excited about the B2B payments opportunity. It is a segment with a deep market, as companies increasingly operate in a distributed and borderless manner and we expect their cross-border payment needs to go up.
"By incorporating our company’s core strengths of offering the best exchange rates and an extremely easy to use interface into YouBiz, we help businesses save time and cost, so that they can focus their energy and efforts in finding growth.”