Singapore travel wallet YouTrip raises $25.5m in pre-series A round

Singapore-based YouTrip said it has raised US$25.5 million in a pre-series A round, making it one of the largest early-stage investments in Southeast Asia.

The company, which operates a multicurrency mobile wallet, said that proceeds from the round will be used to launch new features, expand in Southeast Asia, and improve its payment infrastructure.

Photo credit: YouTrip site/Tech in Asia

Insignia Ventures Partners, also based in the city-state, and “major Asian family offices” participated in the round, according to YouTrip’s media statement.

YouTrip allows users to make overseas payments without transaction or currency exchange fees. The app comes with a contactless MasterCard prepaid card issued by EZ-Link that can be used in a global network of merchants. YouTrip users can pay in more than 150 currencies and store money in 10 different currencies.

Overseas transaction fees can be “as high as 3.5%” and currency conversion markups could sometimes go “as high as 5% or more,” the startup said.

Targeted at frequent travelers, YouTrip has processed more than a million transactions since its launch in August 2018.

In February, Singapore police arrested four persons in connection with a credit card fraud after the company flagged suspicious activity from accounts that received high top-up amounts which were then withdrawn or spent on purchases.