SG travel firm raises funds from SC Ventures, buys CardsPal

(From left) Utu’s Asad Jumabhoy, Ameer Jumabhoy, and Sanjay Chinchwade / Photo credit: Utu

Singapore-based travel firm Utu has closed a deal worth US$33 million, consisting of an acquisition and a fundraise. The transaction includes new funding from SC Ventures, the investment arm of Standard Chartered, and the acquisition of CardsPal, a local platform specializing in rewards.

CardsPal, which was incubated by SC Ventures, is an app that houses credit card and event deals. Following the deal, it will provide Utu with several platforms such as a digital marketplace, a promotions engine, and a merchant registration portal, according to a statement. The firm will also aid Utu’s expansion efforts.

Founded in 2016, Utu aims to boost the tax refunds travelers get while abroad. Its solutions include the Tax Free Card, a virtual card that increases refund value when used with the company’s airline or hotel partners. These include airlines such as Air France-KLM, Emirates, Etihad, Qatar Airways, and Singapore Airlines, as well as hospitality firm Accor.

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“The cross-border travel market is ripe for a technology-driven transformation, with tax-free shopping presenting vast untapped potential,” said Utu CEO Asad Jumabhoy.