YouTrip, Singapore’s first multi-currency mobile wallet with a prepaid Mastercard, has successfully raised US$25.5m in a pre-Series A fundraiser.
The multi-currency wallet specially designed with travellers in mind will now focus on expansion in Southeast Asia, a region fuelled by growing purchasing power and more affordable options. Southeast Asia’s population of over 650 million people represents one of the largest and fastest growing outbound markets for travellers globally.
Participating investors include major Asian family offices and venture capital firm Insignia Ventures Partners, founded by ex-Sequoia Partner Yinglan Tan. This marks the largest pre-Series A funding round for a fintech startup operating in Southeast Asia.
The wallet allows users to pay in over 150 currencies with no hidden fees and at wholesale exchange rates. The mobile app also allows for the exchange and storage of 10 selected currencies in advance through the in-app exchange feature.
The YouTrip mobile application works with a linked pre-paid Mastercard – issued by EZ-Link – and facilitates payments at 30 million Mastercard accepting merchants worldwide.
Caecilia Chu, co-founder and CEO of YouTrip says, “As a frequent traveller, I was surprised with how much banks mark up on overseas transactions – this was among the many reasons I started YouTrip with Arthur Mak, who is also Chairman of YouTrip. As the regional travel industry continues to post robust growth, YouTrip recognises the pain points of travellers and equally, the immense opportunity to better serve their financial needs. We are dedicated to creating the best mobile financial services for travellers by simplifying overseas spending and creating a fuss-free travel experience.”
Pachara Lawjindakul, Principal at Insignia Ventures Partners says the fintech space in Southeast Asia is developing at a relentless pace to meet evolving consumer expectations and the travel industry represents an immense untapped market at the intersection of this growth.
“YouTrip is led by an experienced team of founders and an executive team who are perfectly positioned to capitalise on this opportunity. The success of the initial launch in Singapore provides a great foundation to develop a strong road map for growing the multi-currency and cross-border payments ecosystem in Southeast Asia.”