YouTrip, a Singaporean fintech startup that provides international money transfers and currency exchange services for both individual and corporate customers, has announced a Series B funding round of $50 million, with Lightspeed as the main investor. The company has now raised a total of $100 million since its launch in 2018.
In this new funding round, YouTrip plans to use the additional capital to develop its technology and hire over 100 more employees to support further market expansion in the Southeast Asian region, including Indonesia, Malaysia, the Philippines, and Vietnam. The company has seen a significant increase in spending through its platform, both from travel-related expenses as international travel resumes after the pandemic and from increased e-commerce transactions.
Currently, YouTrip operates primarily in two countries, Singapore and Thailand. In Thailand, YouTrip collaborates with Kbank, one of the country’s leading banks.
TLDR: Singaporean fintech startup YouTrip secures $50 million in Series B funding led by Lightspeed, bringing its total funding to $100 million. The company plans to invest in technology development and hire over 100 employees to support expansion in Southeast Asia. YouTrip’s services are currently available in Singapore and Thailand, where it collaborates with Kbank.