Despite the startup’s early success, investors had mixed opinions at the start. “Some said we were too early, others said we were too late. All in all, I’ve learned that yes, they’re saying no to the business, but they may not be giving you the real reason,” says Chu. 

“I think the most important quest of an entrepreneur is to focus on your customers and the business fundamentals. That would be making sure you have a good product-market fit, making sure your early customers truly love what you do and become your biggest ambassadors, and having that word of mouth [effect] that will help your company grow.”

Since 2018, YouTrip says it has processed over US$10 billion in payments annually. The company employs nearly 300 people across Singapore, Thailand and Hong Kong. In 2023, it raised US$50 million in a Series B round led by Lightspeed Venture Partners. 

However, as most startup founders would say, business will never always be peachy.

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During the Covid-19 pandemic, YouTrip’s travel-dependent business model took a major hit. “We lost 80 to 90 per cent of our business volumes overnight,” recalls Chu, adding that it was a “do or die” situation for the company. “It’s either we go all in and consolidate our offices, people and resources to try to survive, or we won’t be around.”

In 2021, the company laid off one-third of its workforce in Hong Kong to strengthen its Singapore office as its regional headquarters.

Looking back, Chu describes the retrenchment exercise as “heartbreaking”. She recalls, “It was really difficult to let people go when they were not at fault.” She adds that the period has taught her and Mak to be more financially disciplined with their business decisions.

Read more: How Burgreens and Green Rebel’s Helga Angelina Tjahjadi turned a pandemic crisis into a business

Following the restructuring of its teams and offices, Chu says the first thing Mak and her did was analyse their platform’s user data. “We surprisingly saw some power users who kept maxing out their YouTrip cards.” They started looking deeper into these users, reaching out to them directly to understand their habits and lifestyles. 

They soon realised that many of them were small business owners, who had to move their businesses online and were using multi-currency cards to save on FX rates. “They would hold up a stack of colourful cards and I could recognise some of our competitors’ cards there,” Chu recalls. 

This was a lightbulb moment for YouTrip to build a new product for businesses—and YouBiz was born. According to the company, its corporate payment platform, which offers unlimited cashback and zero FX fees, has been used by over 8,000 businesses since it launched in 2022. Business owners can also have multi-currency accounts, make money transfers and manage their expenses on the platform.

Read more: This Chinese unicorn company uses AI to help Unilever and L’Oréal with their content

If you were to compare Chu’s approach as a leader today with how she represented herself when she first started YouTrip, the contrast would be striking. “When I first started as an entrepreneur, I was fiercely reading up about other startup founders trying to figure out how I should carry myself,” she says. “There seemed to be a certain way to speak and do things that made them successful.” 

It was only through experiencing the ups and downs of startup life that she came to realise otherwise. “I’ve learned that my most effective, powerful and insightful self is my authentic self.” 

“There’s no need to be somebody else.”

Read more: Leaders, here’s how to lead better in the Year of the Snake

Here, we ask Chu some quickfire questions to learn more about what makes her tick.

What do people often find surprising about you?

Caecilia Chu (CC): Maybe not that surprising, but I’m a proud mother of two. I have a ten-year-old and an eight-year-old. They are my sources of joy in this lonely journey.

What is your purpose; why do you do what you do?

Caecilia Chu (CC): Great question. I grew up in a very modest family. My father was a postman when I was young. When I was about five, I remember him trying to get bank loans to start a small business. He got rejected by every single bank. So I grew up with this world view that every mass market consumer is underserved by financial institutions. 

When the opportunity came to start YouTrip, I realised it was my life goal to create an institution that, no matter how much or little money a customer has in their bank account, would be treated the same, with the best product and at the best price. 

Read more: Focus on profitability not revenue, says Cloversoft’s Angela Sim

What did you wish you knew five years ago?

CC: I think it’s the constant pressure to keep reinventing myself. It never gets easier. As the business gets bigger, it gets more complex. 

Knowing what you know now, would you encourage your kids to become entrepreneurs?

CC: Yes! I told them that there’s a certain type of company that needs to be started every 10 years or so, and it’s my hope that they will find what’s relevant and meaningful to them to build when they grow up. 

What is your non-negotiable in business?

CC: Perseverance. Running a startup isn’t a linear path. There are so many ups and downs and unpredictable moments, and for me, giving up is not an option. 

This article is part of Founder Stories, a series dedicated to discovering the untold stories and challenges of today’s entrepreneurs on their climb to the top. Discover more fintech leaders across Asia.

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