YouTrip, Southeast Asia's leading multi-currency digital payments platform, is planning on regional growth following economic gains in the area since the pandemic.
The Singapore-based fintech announced on Thursday it raised US$50 million (1.84 billion baht) in a Series B round, led by new investors and global venture capital firm Lightspeed.
This brings YouTrip's total funds raised to more than $100 million, or 3.68 billion baht, since inception.
Juthasree Kuvinichkul, a founding partner of YouTrip Thailand, said the new funding would be used to develop the company's product technology, namely generative artificial intelligence, and hire more than 100 new employees for its regional team as it plans to launch in new markets, including Indonesia, Malaysia, the Philippines and Vietnam.
The company also plans to change the physical YouTrip travel card to a cardless service, she said.
The YouTrip card, an e-wallet debit card, was launched to individual customers and businesses in Singapore in 2018.
In 2019, YouTrip partnered with Kasikornbank to launch the YouTrip travel card in the Thai market, Ms Juthasree said.
YouTrip was recovering from the pandemic as travel resumed in Southeast Asia, especially Singapore.
In May 2022, it launched a corporate card and spend management platform called Youbiz for small and medium-sized enterprises (SMEs) as more of them adopt digital financial services.
YouBiz allows SMEs to send payments, receive money and invoice consumers from around the world, in multiple currencies.
In its first year, YouBiz onboarded more than 3,000 enterprises and aims to double the number by 2024, she said.
Digital payment transactions via YouBiz represent 80% of the firm's total transactions, said Ms Juthasree.
"After the reopening of economies globally, cross-border travel and trade have improved significantly because of pent-up demand, so transactions on both YouTrip and YouBiz platforms have improved," she said.
"Since its inception five years ago, YouTrip has processed close to $10 billion, or around 36 billion baht in annualised transaction volumes, up by four times from the pre-pandemic period."
With strong growth of both digital payment transactions and users, YouTrip is planning to offer digital loans in the next phase, but it needs more time to finalise this service, said Ms Juthasree.
Based on its fintech market position, the company may need to raise new funds in the next few years and study how to list on either regional or US bourses, she said.
"YouTrip launched in 2018 with the bold vision to empower everyone with a smarter and more convenient way to pay in foreign currency," said Caecilia Chu, chief executive and co-founder of YouTrip.
"We achieved tremendous growth despite the pandemic, strengthening our position as the region's leading digital payment solution for consumers and businesses."
The company said YouTrip's consumer multi-currency spending in Singapore and Thailand has grown considerably over the last two years, with its user base tripling over that span.
Consumers continue to use the digital wallet for foreign exchange amid the post-pandemic travel recovery and continued growth of e-commerce in the region, she said.
Pinn Lawjindakul, a partner at Lightspeed, said YouTrip's platform enables customers to have a more convenient, smarter experience with foreign currencies and digital payments.