Utu, a travel tech company that helps flyers get more out of their tax-free shopping, announced today it has raised a $35 million Series B led by SC Ventures. Part of the funding was used to acquire CardsPal, a Singapore-based fintech that offers deals and promotions nearby to users.
During the pandemic-induced travel hiatus, utu worked to establish partnerships with travel, hotel chain and retail brands. The company notes that even though travel has rebounded, only about 1% of venture funding over the past 15 years has gone to travel, primarily short-term rental hospitality. Utu’s goal is to create innovation in the tax-free shopping sector, which allows tourists to reclaim VAT on their purchases.
Utu offers customers a Tax Free Card, which has two main offerings. First, tax-free shoppers can opt for frequent flyer miles or hotel points instead of …
