Singapore’s YouTrip enters Australian market

[SINGAPORE] Singapore-based multi-currency wallet YouTrip has launched operations in Australia, marking the fintech company’s first geographic expansion since the Covid-19 pandemic.

Announced on Tuesday (Dec 2), the move establishes Australia as YouTrip’s third market, following its previous expansion to Thailand in 2019. YouTrip launched in Singapore in August 2018.

“The market’s combination of high cross-border spending, mature digital adoption and a clear demand for better foreign exchange value makes it a strategic third market for YouTrip’s regional roadmap,” said the company in a press release.

As part of its Australian entry, YouTrip is building a local team across operations, marketing, finance, compliance and customer support.

The launch is part of a broader regional strategy for the company.

YouTrip’s chief executive officer and co-founder Caecilia Chu said the Australian expansion serves as a “validation” of its scalability, and acts as a strategic entry point for further expansion into other Asia-Pacific markets.

“Australia marks the start of our accelerated expansion plan into other high-travel markets across the region,” she added.

YouTrip has raised more than US$110 million to support its technology development and market expansion, the release stated.

The expansion targets Australia’s significant outbound travel sector. According to data cited by the company, 12.3 million Australians travelled overseas in the last 12 months, contributing to more than A$50 billion (S$42.4 billion) in international leisure spending.

SEE ALSO

Money changers facing existential threat from YouTrip, Revolut, Alipay and other multi-currency wallets

Caecilia Chu: From crisis to conquest

YouTrip’s Australian offering mirrors its existing model in South-east Asia. It supports exchange rates for 10 currencies, including the US dollar, euro and yen.