Singapore – Singapore’s multi currency digital payments platform YouTrip has recently announced that it has raised US$50 million in its latest Series B fundraising round, led by new investor and global venture capital firm Lightspeed.
The sizable investment by Lightspeed is a vote of confidence in YouTrip’s ability to deliver innovative and hyperlocal solutions, and its leadership in building a scalable business strategy to tap into the vast market opportunity in Southeast Asia.
The new capital will be used to further propel the company’s growth trajectory by investing in more technologies to deepen product and innovation capabilities, and expanding its regional team by hiring over a hundred new talents as it launches in new markets across Southeast Asia.
Committed to its mission of providing accessible, convenient, and seamless digital payment services, YouTrip specifically aims to expand its regional presence across Indonesia, Malaysia, the Philippines, and Vietnam.
Furthermore, YouTrip also plans to grow its portfolio of services to help SMEs accelerate their cross-border growth plans in the digital economy. This includes enhancing its current expense management capabilities as well as introducing new features such as credit lines to cater to the diverse needs of businesses as they expand and grow.
Caecilia Chu, CEO and co-founder of YouTrip, said, “The latest funding round is YouTrip’s largest to date and is a testament to our strong potential in the B2B and B2C payment spaces. We are confident in our ability to catalyse the growth of cross-border commerce, bringing accessible, integrated and seamless digital payment services to millions of users across Southeast Asia and beyond.”
Arthur Mak, co-founder and chief product officer of YouTrip, also added, “We remain committed to developing hyper-personalised offerings that meet the unique needs of our users, and are excited to bring our innovative payment solutions to diverse markets in Southeast Asia so that more can enjoy the intuitive convenience and cost-saving benefits effectuated by our B2B and B2C products.”
Meanwhile, Pinn Lawjindakul, partner at Lightspeed, commented, “My personal experience of the pain point reinforces my conviction in what the YouTrip team has built. Their multi-currency digital payments platform enables everyone to have a safer, smarter and superior experience with foreign currencies and digital payments. We are excited by their depth and vision, and look forward to partnering them in this next phase of growth and expansion.”
