Caecilia Chu, CEO of Singapore-based fintech YouTrip, is actively preparing for the company’s IPO, with details of the plans recently revealed. nikkei asia.
YouTrip, a multi-currency digital wallet, allows users to conduct transactions in over 150 currencies without incurring traditional bank or exchange fees.
The company processed US$10 billion in transactions last year, and its revenue is expected to increase by 70% year-on-year in 2024.
The company achieved profitability in 2022, which it has maintained and is expected to continue into 2024.
Mr. Chu, who recently toured the New York Stock Exchange, shared that the company’s IPO strategy includes ensuring financial stability through a Series C funding round in 2024.
The target increase was not disclosed, but Chu emphasized that profitability would be prioritized over rapid expansion.
this is, $50 million raised in the company’s 2023 Series B round.
The company is actively seeking regulatory approval to expand into Malaysia, Indonesia, Vietnam and the Philippines, and is potentially looking to enter Hong Kong, Japan, Australia and New Zealand before its IPO. .
In 2017 with Chu Arthur MackYouTrip overcame challenges during the pandemic, including a 90% drop in transaction volume that led to the layoff of 10 staff in 2021.
The company currently employs 250 people and plans to grow by 50 to 100 employees by 2025.
Chu emphasized that YouTrip’s revenue primarily comes from merchant processing fees of 1% to 3% and interest earned on the funds stored.
He emphasized that prioritizing robust business fundamentals and refining key metrics is essential to driving financial growth.
The schedule and listing location are yet to be determined, but Chu is partnering with exchanges in New York, Hong Kong, Singapore, and Australia.
However, a listing is expected to be “several years” away.
Chu declined to disclose YouTrip’s valuation, instead prioritizing metrics, customer growth and market expansion.
Featured image credit: Edited from freepic
