YouTrip, a Singaporean startup that operates a multi-currency payments app and pre-paid Mastercard for frequent travellers, has 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.
Launched in August 2018, the YouTrip mobile wallet allows users to pay in over 150 currencies with no hidden fees and at wholesale exchange rates, besting bank-backed card services which typically charge fees of up to 3.5% for overseas card purchases. The mobile app also allows for the exchange and storage of 10 selected currencies in advance through an in-app exchange feature.
Since its launch in August 2018, the YouTrip mobile application has achieved over 200,000 downloads, processed over one million transactions, and has grown its team to 70 people in Singapore and Hong Kong.
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.
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 why I started 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.”
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