YouTrip, a Singapore and Hong Kong-based multi-currency mobile wallet provider, says it has completed a USD 25.5 million pre-Series A fundraising round. Participants of this round include Insignia Ventures, the VC firm of former Sequoia Capital partner Yinglan Tan, and major Asian family offices.
That’s a whopping sum for a startup that only launched in Singapore last August. YouTrip provides both a multi-currency mobile wallet and a contactless prepaid Mastercard for its users to transact overseas at wholesale exchange rates, with no additional fee. The startup says it has over 200,000 downloads and processed more than a million transactions to date in Singapore.
The stakes for Singapore-headquartered fintech companies are evidently rising as even early-stage ventures raise double-digit-million dollar rounds. Just a few weeks ago, cross-border B2B payment startup Thunes said it raised USD 10 million in its Series A round.
YouTrip plans to use the fresh funds to invest further into innovative technology to boost its technical payment infrastructure, roll out new product features, as well as develop localized solutions to expand further into Southeast Asia.
On the startup’s imminent foray beyond the city-state, YouTrip CEO Caecilia Chu told KrASIA that they see an opportunity to capitalize on the region’s large and fast-growing population of outbound travelers. There is no dominant provider of a multi-currency wallet solution yet.