Lightspeed leads $50m round for Singapore's YouTrip

It brings total funds raised since the company’s inception in Hong Kong in 2018 to USD 100m. This includes a USD 25.5m seed round featuring Insignia Ventures in 2019 that was touted as the largest ever pre-Series A for a Hong Kong-founded start-up.

YouTrip helps users make payments in foreign currencies, claiming superior exchange rates and no transaction fees. The platform, billed as a “bank-grade,” facilitates in-app exchanges. It leverages partnerships with Mastercard regionally and Kasikornbank in Thailand.

Operations currently extend across Singapore, Thailand, and most recently Malaysia. There are plans to enter Indonesia, the Philippines, and Vietnam. The Series B capital will also be used to hire additional staff and build out a small business offering called YouBiz.

YouBiz is said to have signed up some 3,000 businesses since its launch in May last year and plans to double that number next year. It claims to offer the only corporate card with 0% foreign exchange fees on spending in more than 150 countries. Users are said to be able to set up accounts in up to nine currencies in less than five seconds.

“We achieved tremendous growth despite the pandemic, strengthening our position as the region’s leading digital payment solutions for consumers and businesses,” CEO Caecilia Chu said in a statement. “The latest funding round is a testament to our strong potential in the B2C and B2B payment spaces.”

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• Topics
• Southeast Asia
• Consumer
• Technology
• Early-stage
• Singapore
• Lightspeed Venture Partners
• TMT
• Travel
• Financial Services
• Fintech