YouTrip wants to help people more easily make payments while traveling abroad, and Flash Pack want to help solo travelers meet one another on group trips.
Three travel tech startups have announced fundraises this week of more than $57 million.
>>YouTrip, a multi-currency payments platform geared toward international travelers, has raised $50 million in series B funding led by Lightspeed Venture Partners.
The Singapore-based company has now raised more than $100 million, including a $30 million series A round in 2021.
YouTrip says its platform allows travelers to more easily make payments between currencies in more than 150 countries, with no hidden fees and at wholesale exchange rates.
YouTrip said its user base in Southeast Asia has tripled over the past two years, and the amount of money processed through the platform has quadrupled since the last funding round.
The company last year released a corporate card and spend management platform for small and medium businesses. That division of the company now has more than 3,000 clients, with a goal of doubling that number by 2024.
The funding will go toward new products and features for its consumer and corporate platforms, as well as expanding into new markets and offering new currencies, according to a blog post by YouTrip co-founder and CEO Caecilia Chu.
The company also plans to integrate with Google Pay later this year. It integrated with Apple Pay in August.
>>Flash Pack, which specializes in organizing “boutique” group trips for solo travelers in their 30s and 40s, has raised $6.2 million. The round was led by JamJar Investments, with support from PPF.
London-based Flash Pack said its service is meant for solo travelers who want to meet like-minded people on currated trips. Users can book trips in a variety of locations. Each trip has a set maximum number of people.
The startup said 60% of sales have been driven by travelers from the U.S.
The investment comes three years after the business was forced into bankruptcy during the pandemic.
“In the last two years since the brand’s relaunch, we have seen a massive appetite from customers to build meaningful connections through travel,” said Radha Vyas, CEO and co-founder of Flash Pack.
The company now has 65 employees.
The funding will go toward improving the product, hiring tech workers, and opening an office.
>>InterLnkd, a platform that enables travel sellers to also sell fashion and beauty products, has raised $1.2 million (£1 million) in seed funding. It was led by Vanneck, with support from individual investors.
London-based InterLnkd said its white-label platform is meant to give travel sellers — including airlines, tour operators, and online travel agencies — a new source of revenue. The company said it offers a portfolio of products from more than 20,000 brands, including Thomas Cook, HolidayPirates, and LeShuttle.
Travel sellers can connect digitally with the portfolio of products and offer them to customers as part of a travel package. The platform works by making personalized offers that are supposed to align with a traveler’s trip plans.
The funding will go toward accelerating growth and expanding internationally.
|YouTrip||Series B||Lightspeed Venture Partners||$50 million|
|Flash Pack||Unspecified||JamJar Investments||$6.2 million|
Skift Cheat Sheet
Seed capital is money used to start a business, often led by angel investors and friends or family.
Series A financing is typically drawn from venture capitalists. The round aims to help a startup’s founders make sure that their product is something that customers truly want to buy.
Series B financing is mainly about venture capitalist firms helping a company grow faster. These fundraising rounds can assist in recruiting skilled workers and developing cost-effective marketing.
Series C financing is ordinarily about helping a company expand, such as through acquisitions. In addition to VCs, hedge funds, investment banks, and private equity firms often participate.
Series D, E, and, beyond These mainly mature businesses and the funding round may help a company prepare to go public or be acquired. A variety of types of private investors might participate.