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Multi-currency wallet YouTrip raises $50 million

Multi-currency wallet YouTrip raises $50 million

YouTrip, the provider of a multi-currency digital wallet in Singapore, has raised $50 million Series B financing.

The funding round was led by Lightspeed Ventures, and brings the fintech's total funding to $100 million, after previously raising $30 million in 2021 and $25.5 million in 2019.

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, which claims to have reached operational profitability, will use the fresh capital to hire for 100 new positions as it launches in new Southeast Asian markets, including Indonesia, Malaysia, the Philippines and Vietnam.

YouTrip now processes $10 billion in payments annually, with the bulk of the transactions coming from the consumer side of the business.

The firm's B2B spend management product, YouBiz, which was launched in May last year, has so far onboarded more than 3,000 small business enterprises.

CEO Caecilia Chu, says: “It's important under this current climate to show investors, and even to show ourselves, that we have a solid business model where we can scale in a sustainable manner."

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