Online Wallet Provider YouTrip Raises $50 Million in Series B Round

YouTrip, a provider of multi-currency mobile wallets, revealed on October 26, that it has raised an additional US$50 million in funding. For its Series B round, the money was raised from the international venture capital firm Lightspeed. Stripe, a tech company, and Snap, the owner of Snapchat, are also investments of Lightspeed.

Prior to that, YouTrip raised US$25.5 million in 2019 and US$30 million in 2021. The Singapore-based app has turned a profit on an operational basis almost five years after it was released, chief executive officer Caecilia Chu told CNA in an interview.

Currently, YouTrip processes US$10 billion in payments each year, including payments made by users for international travel, purchases made on foreign e-commerce sites, and purchases made by small and medium-sized businesses using YouBiz. The consumer side of the business accounts for the majority of the payments that are processed.

Companies are attempting to be cautious in an uncertain period, Ms. Chu noted. "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 sustainably."

The company's co-founder, Ms. Chu, stated that YouTrip attained profitability in April of this year and has experienced 200 percent yearly growth.

"You have to do both simultaneously in order to raise money in this current climate," she stated.

The funds will be utilized to purchase additional technology in order to enhance YouTrip's offerings. Google Pay users will soon be able to link their YouTrip cards, and Ms. Chu stated that QR code payments are "part of (the) roadmap in the near term."

YouTrip also plans to introduce new features after the Monetary Authority of Singapore (MAS) increases the amount of money that can be stored in e-wallets from S$5,000 to S$20,000 (US$3,600 to US$14,600). The 12-month payment limit will also increase from S$30,000 to S$100,000. The changes are slated to happen sometime this year.