Insignia Ventures Partners-backed startup YouTrip is collaborating with Thai lender Kasikornbank to launch its services in Thailand, while CashChanger has introduced a remittance comparison service.
YouTrip launches services in Thailand in first overseas expansion
Singapore-based multi-currency travel wallet YouTrip has expanded into Thailand, its first overseas market, in partnership with SET-listed Kasikornbank (KBank), according to an announcement.
Kbank’s 11.6 million online customers can now register for YouTrip via their K PLUS app and enjoy zero transaction fees across over 150 currencies as they travel to other countries. The transactions are enabled through a partnership with payments giant Mastercard.
The Singapore startup said it aimed to attract over 400,000 users within its first year of launch in Thailand. In Singapore, it has already amassed over 400,000 downloads and over 10 million transactions to date.
Its users have tapped the service in 166 countries and transacted in 112 different currencies, the company said.
“We are really excited to be launching in a new market, and cannot wait to replicate the same level of success in Thailand that we’ve enjoyed in Singapore over the past year,” said Caecilia Chu, co-founder and CEO of YouTrip.
Meanwhile, Patchara Samalapa, president of KBank, said he is bullish on the latest partnership, thanks to the Thai foreign exchange market which has benefited from a strong outbound tourism growth in Thailand and a strong local currency.
Founded in 2017, YouTrip announced an oversubscribed $25.5-million pre-series A funding round with the participation of Insignia Venture Partners and unnamed family offices in May this year. The company claimed it was the largest pre-Series A financing for a Southeast Asian fintech startup.
CashChanger launches remittance comparison service
Singapore startup CashChanger has launched a remittance comparison site offering all-in-rates for foreign workers to transmit their money.
The startup, which raised seed funding from angel investors earlier this year, is seeking a Series A round for global expansion, it confirmed in LinkedIn posts.
CashChanger claimed that it is now available in 400 locations in Japan, Thailand and Malaysia, in addition to Singapore. Moving ahead, the company will launch its app with digital payment and transaction support by the first quarter of 2020.
Kenneth Go, CashChanger’s general manager, had earlier said that the startup will only work with partners that hold a remittance license with the Monetary Authority of Singapore (MAS) who are bound by the Money-changing and Remittance Business Act.