YouTrip has launched its latest product, YouBiz, a corporate card for small- and medium-sized enterprises (SMEs).
YouTrip is one of the neobanks in Singapore.
The card, which is powered by Mastercard, offers users unlimited 1% cashback on all card spending.
The new card will also enable SMEs to receive, hold and spend in nine currencies and make immediate exchanges at competitive rates and no fees.
The currencies currently available are: SGD, USD, Euro, the British pound (GBP), AUD, HKD, JPY, the Swiss franc (CHF) and the Thai baht (THB).
The development follows YouTrip’s US$30 million ($41.1 million) Series A funding round in November 2021.
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According to YouTrip, the launch comes during a time when SMEs are revamping the way they operate.
Based on data derived from the e-Conomy SEA 2021 report by Google, Temasek and Bain & Company, over 70% of businesses have adopted digital tools and are trading with global vendors and suppliers to stay competitive.
As the world opens up, one in three SMEs have also expressed confidence in accelerating their overseas expansion plans, says YouTrip, referring to a survey conducted by the Singapore Business Federation.
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This is set to further drive the US$35 trillion global cross-border B2B payments market, adds the company.
Arthur Mak, co-founder and chief product officer of YouTrip, says, “The concept of borders have blurred during the pandemic as SMEs increasingly do business internationally. Their cross-border payment needs are definitely going to rise - yet, many of their financial needs remain unmet due to the lack of a tailored financial solution.”
“Our continued partnership with Mastercard empowers us to establish YouBiz as a valuable and reliable partner for SMEs to grow beyond borders. Promising efficient and purpose-built financial solutions at the best value, we help businesses save time and cost as they focus on scaling worldwide,” he adds.
