Travel wallet based in Singapore YouTrip said it raised $25.5 million in a pre-Series A round, making it one in every of the most important early-stage investments in Southeast Asia.
The multi-currency mobile wallet company said the proceeds from this round might be used to launch latest features, expand in Southeast Asia and improve payment infrastructure, in response to the web site Technology in Asia.
Launched in August 2018, YouTrip’s multi-currency mobile wallet is linked to a prepaid Mastercard issued by EZ-link. The wallet, which may hold as much as A$3,000, allows travelers to pay in around 150 currencies at wholesale exchange rates, with no transaction fees or currency markups. The application also permits you to exchange and store 10 chosen currencies.
Since its inception, YouTrip has downloaded greater than 200,000 apps and accomplished greater than 1 million transactions for its customers, in response to CEO and co-founder Caecilia Chu.
According to Business Times AND Technical breakdownWith the brand new investment, YouTrip will reach one or two latest markets in the subsequent six to 12 months. However, it already has a regional scope. Its 70-person team is predicated at its headquarters in Singapore and an engineering office in Hong Kong.
“We certainly want to grow regionally,” she said. “We will hire a local team for each country because the future of fintech is regional and we believe in a local strategy.”
Investors within the $25.5 million round include Insignia Ventures Partners – a Yinglan Tan-based Singapore firm previously partnered with Sequoia India and Southeast Asia – with the rest provided by undisclosed family offices and angels.
The tourism market in Southeast Asia represents huge untapped potential for fintechs, said Pachara Lawjindakul, director of Insignia Ventures Partners.
