Singaporean multi-currency payments app YouTrip has raised $25.5m in funding in a pre-Series A fundraising round.
Major Asian family offices and venture capital firm Insignia Venture Partners participated in the funding round.
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YouTrip funding
The startup, which was commercially launched in August, last year, intends to use the proceeds to launch new features.
Funds will also be used by the startup to invest into new technology and expand further into Southeast Asian markets.
Developed in partnership with Mastercard and Singaporean public transport card issuer EZ-Link, YouTrip allows users to make overseas payments without transaction or currency exchange fees.
The digital wallet’s users can pay in more than 150 currencies and store money in 10 different currencies.
According to YouTrip, it has recoded more than 200,000 app downloads and processed more than one million transactions in Singapore to date.
YouTrip co- founder and CEO Caecilia Chu said: “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 with Arthur Mak, who is also chairman of 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.
“We are dedicated to creating the best mobile financial services for travellers by simplifying overseas spending and creating a fuss-free travel experience.”
Recently, Singapore based cross-border B2B payment startup Thunes, which focuses on emerging economies, bagged $10m in a Series A funding round. The round was led by venture capital firm GGV Capital.
