I’m a reporter at Forbes Asia based in Hong Kong, covering startups, sustainability and financial inclusion. You can email me at catherine.wang [at] forbes.com.
ith the goal of being a “first mover” in Southeast Asia’s burgeoning financial technology scene, Caecilia Chu traveled from China to Singapore to launch YouTrip, a multicurrency wallet, in 2018. To the former McKinsey consultant, building trust among customers in a field with “no lack of shiny technology” requires a local, homegrown approach.
“The premise of our investment is have really cracked consumer trust and brand loyalty,” says Pinn Lawjindakul, partner at Lightspeed, in a video interview. “It's the only consumer-focused cross-payment company in the region that has shown the ability to expand to many markets.” Chu said YouTrip reached profitability in April. For the financial year ended in March 2022, the latest financials available, YouTrip’s reported revenue rose 49% year-on-year to S$3.58 million , while losses widened to S$10 million from S$6.7 million, per company filings.
“I think the whole SME banking and financial space is a very, very deep opportunity,” she says. “Because of the large transaction amounts, you always have multiple products, and no two companies are ever the same…the SME space not only is a massive business opportunity, but truly is one where there could be multiple winners.”
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