Singapore-based multicurrency digital wallet provider YouTrip raised $50 million in a Series B funding round.
The firm will use the capital to launch new products and features, invest in technology and expand into new markets, YouTrip said in a Thursday (Oct. 26) blog post.
“The latest funding round is a testament to our strong potential in the B2C and B2B payment spaces,” YouTrip CEO and Co-founder Caecilia Chu said in the post.
The company’s planned new products and features will provide users with additional experiences as they travel and spend in foreign currencies, according to the post.
Its investment in technology will aim to enhance the products’ ease of use and reliability, and new wallet currencies will enable users to access competitive foreign exchange (FX) rates for a wider range of currencies, the post said.
The additions will join other new enhancements that include YouTrip 2.0, Apple Pay, and the company’s corporate card and spend management platform, YouBiz, per the post. YouTrip also expects to add Google Pay later this year.
“YouTrip launched in 2018 with the bold vision to empower everyone with a smarter and more convenient way to pay in foreign currency,” Chu said in the post. “We achieved tremendous growth despite the pandemic, strengthening our position as the region’s leading digital payment solutions for consumers and businesses.”
The latest funding round comes about two years after YouTrip raised $30 million in a Series A round and announced its intention to enter the B2B payments market. That round brought the total funds raised by the firm to $60 million, as it raised $25.5 million in a pre-Series A round two years earlier.
FX volatility presents challenges for cross-border payments, but multi-currency digital wallets offer a solution, Ola Oyetayo, CEO at B2B cross-border FX and payments enabler Verto, told PYMNTS in an interview posted in December.
“Having that inherent product that helps mitigate risk, and also being very proactive about informing customers on what’s happening from the macroeconomic perspective have been the measures that we’ve taken to help them with this [challenge],” Oyetayo said.
