International Finance

YouTrip raises $30 mn for B2B payments to expand its business

The company has launched a corporate credit card named YouBiz

Singapore-based neobank YouTrip has raised $30 million in a recent Series A funding and will use it to enhance its B2B payments along with expanding its business further in Southeast Asian markets, according to media reports. The company plans to launch a B2B payments ecosystem by launching a corporate credit card named YouBiz. This card will have higher spending limits and will also provide best exchange rates in more than 150 currencies.

YouBiz will be launched in Singapore during the first quarter of 2022, and also plans to introduce its services to at least five other Southeast Asian countries by next year.

Launched in 2018, YouTrip is a multi-currency payments app and a prepaid MasterCard that helps frequent travellers. Currently, the company has its presence in Singapore and Thailand. The firm has also released that it has witnessed strong growth with more than 1.5 million app downloads and over $800 million in spending processed. The firm also added that with strong cross-border e-commerce payments, along with return of travel spending post Covid-19, the company has seen solid growth.

Arthur Mak, co-founder, YouTrip, told the media, “We’re very excited about the B2B payments opportunity. It is a segment with a deep market, as companies increasingly operate in a distributed and borderless manner and we expect their cross-border payment needs to go up. By incorporating our company’s core strengths of offering the best exchange rates and an extremely easy to use interface into YouBiz, we help businesses save time and cost, so that they can focus their energy and efforts in finding growth.”

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