Singapore – After Singaporean neobank YouTrip hinted on the launch of its new B2B product, the fintech officially unveiled YouBiz, its corporate credit card for SMEs, in partnership with Mastercard. This development follows YouTrip’s recent US$30m Series A funding.
The new product is integrated with a unified control centre bringing together multi-currency accounts, local and domestic transfers, corporate expense management, and credit features in a single hub.
YouBiz offers SMEs unlimited cashback on all spends with no cap, eliminating the need to manage and optimise their spending types. Together with savings from YouBiz’s zero foreign currency transaction fees, companies can rack up additional funds to power other business operations. Spending and managing individual employee expenses is also convenient with YouBiz’s ability to generate physical and unlimited virtual cards for payments in over 150 currencies at more than 80 million Mastercard merchants worldwide, online and in-store. This not only reduces the risk of card-sharing, custom spend limits on each card also prevent employees from overspending.
Moreover, YouBiz allows SMEs to receive, hold, and spend in nine currencies currently and make an immediate exchange at competitive rates and no fees. Doing business is also more accessible than ever with free local transfers and low, transparent pricing for international remittance. All transactions are delivered and streamlined in YouBiz’s unified control centre, making expense management and reconciliation a seamless process.
Arthur Mak, YouTrip’s co-founder and chief product officer, said that the concept of borders has blurred during the pandemic as SMEs increasingly do business internationally, and their cross-border payment needs are definitely going to rise – yet, many of their financial needs remain unmet due to the lack of a tailored financial solution.
“Our continued partnership with Mastercard empowers us to establish YouBiz as a valuable and reliable partner for SMEs to grow beyond borders. Promising efficient and purpose-built financial solutions at the best value, we help businesses save time and cost as they focus on scaling worldwide,” added Mak.
YouBiz is also introducing a credit facility that offers flexible business financing to SMEs. Combining transactional data and machine learning, YouBiz allows businesses to obtain unsecured and collateral-free term loans with no hidden or early repayment fees. The application is fuss-free and loans are disbursed seamlessly into the YouBiz account within 48 hours.
In addition, YouBiz has collaborated with Google to provide businesses with direct support for digital marketing services, and established travel partners like Agoda, Booking.com, and Qatar Airways on additional savings for travel expenditure, especially as business travel resumes.
Mak shared that they have invested heavily in building their multi-currency technology infrastructure and obtaining a full set of licences for YouBiz.
“Having this control over our value chain enables us to offer the most customisable and cost-effective financial solutions for businesses. We look forward to partnering closely with SMEs to innovate and customise our offerings to meet their shifting demands,” said Mak.
Meanwhile, Deborah Heng, Mastercard’s country manager for Singapore, noted that partnering with YouTrip on this innovative product will complement the work Mastercard has already done to help SMEs drive their overall digital transformation and harness the opportunity of rapid growth in online marketplaces.
“As these digital merchants expand their business across borders, they will come to recognise both the competitive advantage and the savings they will enjoy from zero foreign exchange fees, unlimited cashback, integrated expense, and cashflow management. YouBiz also comes at a fitting time with the recent uptick in global travel and accelerated e-commerce growth, further supporting SMEs to scale and transact easily, both locally and abroad,” said Heng.
