Top News YouTrip raises US$30m to target B2B market By TTG Asia / Posted on 1 December, 2021 16:29 YouTrip, a South-east Asian multi-currency neobank, has raised US$30 million in its latest Series A round, driven by returning investors from major Asian family offices and prominent financial technology investors. With this, the company has now raised over US$60 million funding in total since launch. The latest funding bagged by YouTrip will be used for its venture into the B2B payments space The new capital will supercharge the company’s technological capabilities to bolster its suite of payment products, in particular, entering the adjacent B2B payments space, as well as accelerating its entrance into the wider South-east Asia. To date, YouTrip has processed over US$800 million card spend globally, with almost 20 million transactions and over 1.5 million app downloads. YouTrip’s transaction volume has also rebounded to pre-Covid levels, driven by strong traction in cross-border e-commerce transactions and progressive return of travel spending, said the company in a press release. It added that with the opening of more vaccinated travel lanes in Singapore, transaction volume is forecast to accelerate rapidly, especially given upcoming holiday seasons and revenge travel. To advance its growth, YouTrip has set its sights on the B2B payments ecosystem with an upcoming corporate credit card, YouBiz, catering to businesses with a global footprint. The product offers higher spending limits while transacting at the best exchange rates in more than 150 currencies. Arthur Mak, YouTrip’s co-founder, said: “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.” Registration for interest in the product’s beta launch has received more than 1,000 sign-ups to date, according to YouTrip. YouBiz will be rolled out in Singapore in 1Q2022, with plans to bring it to five other South-east Asia countries in the next twelve months.