Business

S’pore fintech firm YouTrip bags $35m in funding

Singapore-based payment services company YouTrip has raised US$25.5 million (S$35 million), becoming the latest financial technology (fintech) start-up here to benefit from heightened investor interest in recent months.

The investment - YouTrip's first from venture capital firms - was led by venture capital firm Insignia Ventures Partners and unnamed private investment entities.

The funding will be used to drive YouTrip's expansion in up to two markets in South-east Asia over the next six to 12 months.

"We are... investing heavily to build localisation teams for these markets," said YouTrip co-founder and chief executive Caecilia Chu.

People who understand the local market will be hired to develop new services that fit that market, she explained.

YouTrip's multi-currency stored-value card, targeted at travellers, was launched in Singapore in August last year in collaboration with electronic payment system provider and travel card issuer EZ-Link.

BUSINESS & FINANCE