Hong Kong developed multi-currency mobile wallet YouTrip has raised $25.5 million in a pre-Series A funding round to help pursue expansion in Southeast Asia.
YouTrip was developed in Hong Kong to be Singapore’s first multi-currency mobile wallet with a prepaid Mastercard. It was developed in partnership with Mastercard and Singapore's largest public transport card issuer EZ-Link.
Designed with travelers in mind, YouTrip allows users to pay in over 150 currencies and to exchange and store 10 selected currencies through an in-app exchange feature.
YouTrip's $25.5 million funding round was the largest pre Series A funding round for a Hong Kong founded startup,and attracted participating investors including major Asian family offices and venture capital firm Insignia Ventures Partners.
YouTrip plans to use the proceeds to invest heavily in growing its team and technology infrastructure to bolster its engineering hub based in Hong Kong, further enhance its payment infrastructure, roll out new product features, and expand into more Southeast Asian markets.
“As a frequent traveller, I was surprised with how much banks mark up on overseas transactions - this was among the many reasons why I started YouTrip with Arthur Mak, who is also chairman of YouTrip,” the company's co-founder and CEO Caecilia Chu said.
“As the regional travel industry continues to post robust growth, YouTrip recognises the pain points of travellers and equally, the immense opportunity to better serve their financial needs. We are dedicated to creating the best mobile financial services for travellers by simplifying overseas spending and creating a fuss-free travel experience.”
First published in Computerworld Hong Kong