Travel payments specialist YouTrip has landed $50 million in a Series B round.
The investment in the Singapore-based company, which launched in 2018, was led by Lightspeed.
Speaking to Bloomberg, CEO and co-founder Caecilia Chu said the funds would go towards accelerating “market development growth plans” as well as product development.
She added that the company will prioritize expanding its footprint with a focus on Asia as well as some “international financial hubs.” YouTrip, which offers a foreign currency digital wallet service for travelers and is available in Singapore and Thailand, will add Malaysia in the next quarter. It is also in talks to add other countries in Southeast Asia including Indonesia and Vietnam.
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On risks for the company's expansion, Chu said YouTrip has had “its fair share of ups and downs in our journey from beating COVID to raising capital in one of the highest interest rate environments,” adding that she sees all upside going forward.
In a blog post on its website, YouTrip also talks about launching new products and features and investing in its products.
YouTrip raised Series A funding of $30 million in late 2021. Just over a year ago the company unveiled YouBiz, a foreign exchange product for small-to-medium-sized enterprises.