YouTrip entity logs profit on travel rebound and B2B growth

YouTrip, a Singapore-based multicurrency digital payments platform, has posted strong revenue growth for the second year running, fueled by a post-pandemic travel rebound.

Its most recent set of audited financials shows that revenue for the financial year ending March 2024 (FY 2024) increased over 2x to S$39.3 million (US$30 million) compared to FY 2023.

YouTrip co-founders Arthur Mak (left) and Caecilia Chu / Photo credit: YouTrip

Although this was less than the 5x year-on-year topline growth seen in FY 2023, the current revenue bump is still significant given that it was growing off a larger base.

With YouTrip’s multicurrency card, consumers can make payments in over 150 currencies. The firm uses wholesale exchange rates – which are close to the rates published on Google – and doesn’t charge transaction fees.

The company also has a B2B offering in YouBiz, a multicurrency corporate card and spend management solution for small businesses.

YouTrip’s key expenses also grew for FY 2024, but at a much slower rate than revenue. This led to the company turning profitable for the year, booking a total net income of S$6.7 million (US$5.1 million).

The company declined to comment directly on its financials, but it says that its filings with Singapore’s Accounting and Corporate Regulatory Authority “do not represent the overall consolidated financial performance” of the group.

Unlocking B2B potential

A YouTrip spokesperson tells Tech in Asia that the firm has seen significant growth since the beginning of the post-pandemic travel recovery.

In 2023, outbound travel from Singapore surged, with 9.4 million Singaporeans traveling abroad – more than 6x of 2020’s levels.

Other multicurrency card operators experienced a similar boost as a result of this travel rebound. In February, UK-headquartered Revolut said it was gross profitable in Singapore for the second year running.

Photo credit: YouTrip

In January, YouTrip raised annual spending limits to S$100,000 (US$76,300) and maximum account balances to S$20,000 (US$15,300), in line with an increase in regulatory limits. According to the spokesperson, it was the first multicurrency e-wallet operator in Singapore to implement these changes, which drove some of its growth.

Maintaining cost discipline

Expansion on the cards