YouTrip, Mastercard launch YouBiz corporate card

YouBiz is a corporate card meant for enterprises to earn cashback and save with reportedly zero foreign exchange fees. Integrated with the card is also a unified control centre bringing together multi-currency accounts, local and domestic transfers, corporate expense management, and credit features in a single hub.

This development follows YouTrip’s recent USD 30 million Series A funding. The launch of YouBiz comes at a time when SMEs are rethinking the way they operate. More than 70% of businesses have adopted digital tools and are trading with global vendors and suppliers to stay competitive. As the world opens, one in three SMEs have also expressed confidence in accelerating their overseas expansion plans. This is set to further drive the USD 35 trillion global cross-border B2B payments market. 

Busy business owners want payment products that improve and save on everyday business operations. The YouBiz offers SMEs unlimited cashback on all spends with no cap – eliminating the need to manage and optimise their spending types. Together with savings from YouBiz’s zero foreign currency transaction fees, companies can benefit from additional funds to power other business operations. Spending and managing individual employee expenses is also convenient with YouBiz’s ability to generate physical and unlimited virtual cards for payments in over 150 currencies at more than 80 million Mastercard merchants worldwide, online and in-store. This not only reduces the risk of card-sharing, custom spend limits on each card also prevents employees from overspending.

Beyond payments, YouBiz allows SMEs to receive, hold, and spend in nine currencies and make immediate exchange. The company provides free local transfers and reportedly low pricing for international remittance. YouBiz is also introducing a credit facility that offers flexible business financing to SMEs. 

Combining transactional data and machine learning, YouBiz allows businesses to obtain unsecured and collateral-free term loans. Loans are disbursed into the YouBiz account within 48 hours. To help SMEs unlock more opportunities in the global economy, YouBiz has also collaborated with Google to provide businesses with direct support for digital marketing services, and travel partners such as Agoda, Booking.com, and Qatar Airways on additional savings for travel expenditure, especially as business travel resumes.