In conversation with… Caecilia Chu

“We hit our first-year target in just 48 hours.” For any business owner, this would be a feat worthy of celebration – an affirmation that what they had was a gem of a product. To YouTrip Co-Founder and CEO Caecilia Chu however, it was an “initial jolt”. After experiencing the explosive growth of YouTrip – the region’s first multi-currency digital wallet – she was ready to acknowledge the “resounding validation” that they had achieved “genuine product-market fit”, when the brand started seeing “consistent user adoption and received positive feedback”.

Caecilia’s early reservation was not surprising, given that start-ups have tremendous odds stacked against them. Research shows that 20 per cent will fail within the first two years, 45 per cent within the first five, and 65 per cent will not survive the first decade. In fact, her earlier venture in 2012 – an e-commerce platform – had folded after two years of struggle. “We were 20 years late to the game; there was too much competition by then,” she states flatly, and that was all she was willing to divulge. In addition to unfavourable market conditions, the more common reasons why start-ups fall by the wayside range from insufficient funding from investors to high burn rate, poor product-market fit, bad management and owner burnout.

So it was by design that YouTrip was launched in Singapore in 2018. “People here are avid travellers, and we wanted the first-mover advantage in Southeast Asia,” explains Caecilia. The co-founders were on point – users love YouTrip. By 2023, the business had become operationally profitable, processing over US$10 billion in total payment value annually.

Today, millions of people use the multi-currency digital wallet as a debit card, seamlessly transacting across 150 currencies without incurring additional fees. Investors, too, are sold on its viability – YouTrip has attracted funding of US$105.5 million to date, including US$50 million from Lightspeed Venture Partners in mid-2024.

To aspiring entrepreneurs, Caecilia offers this practical advice, “Always start with a problem that you are deeply passionate about solving. This will be your driving force as you go through the ups and downs of your business journey.” The busy CEO lives by her own advice, and remains equally passionate about solving the problem that had first piqued her interest – the high costs and hassle associated with cross-border payments.

“As consumer needs are constantly evolving, we require relentless iteration,” she highlights. This means having a good understanding of users’ pain points so that the team can work towards finding the solutions. “Beyond just enhancing the product, achieving strong product stickiness is of utmost importance – we want to make our solution an integral part of users’ daily lives.” As a business, this will strengthen the company’s competitiveness as more players enter the market. To Caecilia, the social impact is similarly important. “Building YouTrip is my life mission. I want to make financial services truly fair, accessible and transparent, with the use of technology. Most importantly, we want to treat everyone the same, no matter their background. We want all our users to have the best product and pricing, all the time.”

Singapore is renowned for its vibrant start-up ecosystem. Last year, its ecosystem was ranked top in Asia, and seventh globally, according to The Global Startup Ecosystem 2024 report. In the Global Innovation Index 2024 (GII 2024), Singapore was first in the regional Southeast Asia, East Asia, and Oceania (SEAO) category, and fourth globally – the city-state’s best performance in more than a decade. Significantly, in GII 2024, Singapore achieved the pole position in these indicators: unicorn valuations, venture capital (VC), government effectiveness, and access to information and communications technology. Given that Singapore is home to some 4,500 tech start-ups, 400 VC firms and 240 accelerators, venture builders and incubators, support is available to start-ups at different growth phases, to fuel their progress.

For new start-ups, Caecilia advises “joining accelerators and incubators to gain valuable insights, mentorships and access to investors who are keen on seed-round investments”. Networking is also a must for founders and aspiring entrepreneurs as it can unlock new opportunities, partnerships and resources. “Be very intentional about networking and building impactful relationships,” shares the entrepreneur.

A useful first stop for entrepreneurs is the Startup SG Network, an online portal that represents the interests of the start-up community. Founders will find ample resources for mentorship, funding, talent and infrastructure. For example, through the Startup SG Founder programme, first-time founders can access funding through a start-up grant, and mentorship from Accredited Mentor Partners.

Mentorship is especially beneficial as it helps new founders navigate the complexities inherent in a business. Mentors can point newcomers in the right direction, and give the proverbial leg-up which usually covers pitch training, networking opportunities with investors and corporates, and secretarial and accounting support.

As the business develops, founders can tap on different resources to support their expansion. Startup SG Network’s global acceleration schemes, Enterprise Singapore’s Global Innovation Alliance, and NUS Enterprise’s BLOCK71 Global Incubation initiative are designed to help businesses access markets and networks. Entrepreneurs can also consider ongoing programmes like the National GRIP initiative for deep-tech start-ups.

There is no shortage of large events where entrepreneurs can connect with the wider start-up community from around the globe. Pertinent conferences, such as GITEX Asia – the world’s largest deep-tech show brand made its debut in Singapore in April 2025; NUS Enterprise’s flagship InnovFest – Asia’s largest university start-up showcase; ATxEnterprise; and Singapore Week of Innovation and Technology (SWITCH), present opportunities for learning, connecting, and deal-making. For entrepreneurs, the pitching competitions will offer handy takeaways on how to deliver a convincing pitch.

As start-ups typically go through several rounds of fundraising, how can they capture or retain investor interest over time?

“Fundraising is a marathon, not a sprint. The best time to network with VCs is before you’re actively raising funds,” Caecilia reveals. “The regular interactions will help build trust and keep you on their radar, so when it’s time to raise funds, you’re not starting from zero.” While there is no doubt that “a compelling pitch may grab the investors’ attention, it is the strong business fundamentals that will keep them interested”. Thus, it makes sense to put in the right corporate structure as early as possible. “It will enable you to focus on the real problem, build a scalable solution and ensure solid economics.” As the business grows, the start-up may want to leverage “customer advocacy” to elevate the brand. “Satisfied customers can drive word-of-mouth marketing, which is often the most effective way to develop brand credibility,” she emphasises.

The sound fundamentals of YouTrip not only drives its impressive development, it made a huge difference during the COVID-19 pandemic, when business ground to a halt. The team was ready and able to jump into action, and transformed YouTrip into an all-weather business with e-commerce functionalities. They also created YouBiz, a business-to-business proposition tailored for the business segment.

Speaking about her experience in building YouTrip, Caecilia says, “I consider leading YouTrip’s journey as my biggest achievement. We went from an app and two co-founders to a leading, regional multi-currency digital payments company with 300 colleagues.” She is immensely proud of her diverse team, and the inclusive work environment where talent can thrive. “Seeing the team innovate and achieve breakthroughs together is the most rewarding aspect of my journey.”

Notwithstanding the mounting popularity of YouTrip, the entrepreneur is far from done. Looking ahead, one can expect Caecilia and her team to be “laser-focused on accelerated market expansion” as they strive to bring the benefits of YouTrip to more users throughout Asia and beyond.