YouTrip, a Singapore-based digital payments service provider, plans to expand into more Southeast Asian markets, starting with Malaysia in a few months. The company has raised $50 million in funding and plans to “accelerate” its expansion into Indonesia, the Philippines, and Vietnam.
YouTrip’s digital wallet allows individuals and businesses to top up their balance and convert it into more than 150 currencies with no exchange fees or transaction limits. The service does have a cap on the balance users can bank, but it has issuing licenses with Mastercard and Visa, allowing users to pay through its app or prepaid cards at brick-and-mortar stores and online.
Even in a finance hub like Singapore, there is a demand for YouTrip’s services, as long queues often form in front of money changers during lunchtime. Travelers also choose to pay using their foreign-issued credit cards but incur currency conversion fees that can usually exceed 3.5%.
YouTrip faces competition from super app operators Grab and GoTo, as well as London-based pioneers like Wise and Revolut. However, YouTrip’s focus and partnerships in the region give it an advantage over some of the global players.
The company plans to expand its corporate app, which allows companies to issue multiple cards to employees and easily track their expenses. YouTrip is currently “operationally profitable” and aims to double its more than 3,000 business users in a year.
