This latest round brings the total funds raised by YouTrip to $60 million. The company raised $25.5 million in pre-Series A funding two years ago.
YouTrip says the new funding would be used to expand its products for consumers and businesses as it attempts to enter the vibrant B2B payments sector.
For example, there’s the global cross-border payments market, which will reach a value of $156 trillion in 2022, a bulk of that money coming from B2B transactions.
In October, Singapore’s central bank joined forces with its counterpart in Malaysia to announce people in both countries would be able to make cross-border transactions via mobile numbers.
Remittances between the two countries hit $96 million in 2020.
“From a mobile travel wallet, we have grown to establish a strong foothold in new territories, such as overseas online spending, to meet the extraordinary shifts in consumer behaviours,” said YouTrip CEO and co-founder Caecilia Chu.
“We believe there is untapped potential in cross-border payments…this latest round also gives us the resources to strengthen our multiple growth engines to stay resilient and well-primed for expansion into new vistas,” she said.
The company also plans to roll out a new credit card — YouBiz — in Singapore early next year, with plans to expand the offer to other markets in Southeast Asia by the end of 2022.
Now in beta form, the card has so far gotten more than 1,000 enrollees, supports more than 150 currencies, and allows businesses to consolidate all expenses into one platform.
YouTrip says it has processed more than $800 million in card spending from close to 20 million transactions, with its app receiving more than 1.5 million downloads.
The payments company said it had seen its transaction volume return to pre-COVID levels, fueled by growing cross-border eCommerce and new travel spending.