Travel technology company utu has secured a deal worth $33 million in combined transaction value, comprising an acquisition and a funding round. The funding includes new investment from SC Ventures, along with the rollover of previous funding from Singapore-based investors. utu, which has formed strategic partnerships with global airlines, hotel chains, and retail brands, plans to utilize the funds to expand its products worldwide.
As part of the deal, utu has acquired Singapore-based platform CardsPal, known for hyper-localized rewards promotions. This acquisition will enable utu to leverage CardsPal's mobile-first technology and integrate its expertise into the company. By incorporating CardsPal's capabilities, utu aims to strengthen its tax-free shopping offerings. The company's innovative approach and collaboration with refund and travel industry partners position it to maximize value for various stakeholders in the tax-free shopping value chain, including tourists, retailers, value-added tax refund operators and governments.