Singapore-based neobank YouTrip has raised US$30 million in a Series A funding round that will fuel its move into B2B payments and the wider Southeast Asian market.
YouTrip launches in 2018 with a wide range of users and Mastercard first payments to regular travelers. He currently works in Singapore and Thailand.
The company said that with the strength of e-commerce platforms crossing the border and the return of shipping costs after Covid, it has seen strong growth, with downloads of applications exceeding 1.5 million and more than $ 800 million in revenue generation.
It now focuses on a B2B payment ecosystem with a credit card called YouBiz. This card will have high usage rates when trading with the best exchange rates of more than one hundred and fifty currencies.
YouBiz will launch in Singapore in the first half of 2022, with plans to bring it to five other countries in Southeast Asia in the next 12 months.
Arthur Mak, co-founder, YouTrip, said: “We are very excited about the opportunity to pay B2B. It is a market with deep markets as companies grow in distribution and non-distribution. Neighbors and we hope they want to raise their salaries in the future.
“By combining our company’s ability to deliver high-value and easy-to-use YouBiz products, we help businesses save time and money by focusing their energies and efforts on growth.”