SINGAPORE - Mobile wallet company YouTrip announced on Thursday that it has raised US$25.5 million in its first funding round, becoming the latest financial technology start-up here to benefit from heightened investor interest in recent months.
"We are targeting to go live in one or two South-east Asian countries within the next six to 12 months, and are investing heavily to build localisation teams for ," said YouTrip co-founder and chief executive officer Caecilia Chu. It offers exchanges rates comparable to those listed on Google and other financial sites, which are usually lower than what is offered by banks and money changers.
The company derives its revenue from merchants who pay a commission for each purchase made with YouTrip. "As a new fintech product, the number one issue we faced was gaining trust from consumers. The partnership with EZ-Link , which has been in payments for more than a decade, really helped us in terms of credibility," she said.
Fintech investments in Singapore more than doubled to hit US$365 million last year from US$180 million in 2017, according to a report from consulting firm Accenture.
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