SINGAPORE (May 16): YouTrip, Singapore’s first multi-currency mobile wallet with a prepaid Mastercard which was jointly developed by EZ-Link, has raised US$25.5 million ($34.9 million) in its latest pre-Series A fundraise.

This marks the largest pre-Series A funding round for a fintech startup operating in Southeast Asia.

Participating investors include major Asian family offices and venture capital firm Insignia Ventures Partners, founded by ex-Sequoia Partner Yinglan Tan.

YouTrip was launched in Aug 2018 and has since been allowing users to pay in over 15 currencies with no hidden fees and wholesale exchange rates. The mobile app also allows users to exchange and store 10 selected currencies in advance through the in-app exchange feature.

Since its launch, the YouTrip mobile application has achieved over 200,000 downloads and processed over 1 million transactions.

The YouTrip mobile app works with a linked prepaid Mastercard, which is issued by EZ-Link. This can be used for payments as Mastercard accepting merchants worldwide.

YouTrip plans to invest the funds raised in technology innovation to further develop its technical payment infrastructure and roll out new product features. The startup also plans to further expand its business in Southeast Asia and develop localised solutions for the region’s growing class of travellers.