Singapore’s YouTrip to enter Australia, first new market since COVID-19 pandemic

SINGAPORE, Dec 2 (Reuters) – Singapore-based fintech firm YouTrip said on ​Tuesday it will launch in Australia, its ‌first new market since the COVID-19 pandemic, aiming to use ‌it as a springboard for further expansion into other high-travel Asia-Pacific markets.

YouTrip now operates in Singapore and Thailand, offering a multi-currency travel card and processing more ⁠than $15 billion ‌in annual transactions, the company said in a statement.

Australia’s high outbound travel ‍and demand for better foreign exchange rates made it a strategic market, it added.

About 12.3 million Australians travelled overseas in ​the past year, spending over A$50 billion (‌$32.74 billion) on international leisure travel, according to YouTrip.

“Our expansion into Australia, a market with substantial high-travel potential and familiar payment pain points, is a strong validation of our payment innovation and ⁠scalability,” said Caecilia ​Chu, YouTrip’s CEO and ​co-founder.

YouTrip said its platform offered real-time mid-market exchange rates with zero foreign exchange ‍fees, giving ⁠users savings of up to 4% on overseas spending.

YouTrip has raised more than $110 million ⁠to support technology development and market growth, it said in the ‌statement.

($1=A$1.5274)

(Reporting by Yantoultra Ngui;‌ Editing by Clarence Fernandez)