News

YouTrip Raises Record US$25.5m Pre-Series A to Expand its Multi-Currency Mobile Wallet Platform Across ASEAN

  • YouTrip is Singapore's first multi-currency
    mobile wallet with a prepaid Mastercard® that offers zero transaction fees
    across 150+ currencies at wholesale exchange rates
  • US$25.5m raised from major Asian family
    offices and venture capital firm Insignia Ventures Partners, the largest
    pre-Series A fintech funding round in Southeast Asia
  • Over 200,000 downloads and 1 million
    transactions processed 10 months since launch
  • Funding will drive development of
    YouTrip's technical payment infrastructure, launch of new product features and
    its regional expansion plans in Southeast Asia 

SINGAPORE - Media OutReach - 16 May
2019 - YouTrip , Singapore's first
multi-currency mobile wallet with a prepaid Mastercard ®, has successfully raised
US$25.5m in a pre-Series A fundraise. 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.

YouTrip co-founders, Arthur Mak and Caecilia Chu
The YouTrip team in Hong Kong office
 

Launched in August 2018, YouTrip is a
multi-currency mobile wallet s pecially designed with travellers in mind, allow ing 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 can be used to make payments at
more than 30 million Mastercard accepting merchants worldwide.

 

Fuelled by growing purchasing
power and more affordable travel options , Southeast Asia's population of over 650 million people
represents one of the largest and fastest growing outbound
travellers market globally
- it is expected to total
US$80 billion in outbound travel expenditure by 2020, up from US$67 billion in
2018 or a 10% CAGR. Singapore is the biggest contributor to this region, with
Singaporeans being one of the most frequent travellers and biggest travel
spenders globally.

 

Caecilia Chu, co- f ounder and CEO
of YouTrip said, "As a frequent traveller, I was
surprised with how much banks mark up on overseas transactions - this was among
the many reasons why 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 added, "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 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
roadmap for growing the multi-currency and cross-border payments ecosystem in
Southeast Asia."

 

Bank-issued credit and debit cards
typically carry an overseas transaction fee that can be as high as 3.5%. O verseas
purchases made with credit cards also usually entail a Dynamic Currency
Conversion markup, sometimes going as high as 5% or more. YouTrip does not charge any overseas transaction fees nor markup on foreign exchange conversion .  

 

With the injection of funds,
YouTrip is looking to invest heavily in technology innovation to further
develop its technical payment infrastructure and roll out new product features.
Having established a foothold in Singapore, it has also set its sights on
further expansion in Southeast Asia and developing localised solutions for the
region's growing class of travellers.

 

Since its launch in August 2018,
the YouTrip mobile application has achieved over 20 0,000 downloads, processed over 1 million transactions, and has grown
its team to 70 people in Singapore and Hong Kong.

 

Users may sign up for a YouTrip
account by downloading its app from the App Store or Google Play. No minimum
account balance is required and registration is free. Any
credit or debit card c an
be used to top up the e-wallet, which has a maximum stored value of S$3,000.
All registered users receive a physical prepaid Mastercard, free of charge.
Find out more at www.you.co


About YouTrip

YouTrip is a regional financial technology startup based in Singapore
and Hong Kong, dedicated to creating the best mobile financial services for
travellers by simplifying overseas spending and creating a fuss-free travel
experience. YouTrip's mission is to help people across Southeast Asia manage
their money in a simpler yet smarter way, starting with a core focus on
travellers. YouTrip partnered with EZ-Link and Mastercard to launch in
Singapore in August 2018.

 

For more information, visit: www.you.co


About Insignia Venture Partners

Insignia Ventures Partners is a
Singapore-headquartered early stage technology venture fund focusing on
Southeast Asia and manages more than US$150 million from sovereign wealth
funds, foundations, university endowments and renowned family offices.

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