utu

Singapore - Singapore

• 28/06/2023
• Series B
• $33,000,000

utu is a travel technology company with a mission to transform the global travel experience for tourists. By introducing them to a world of rewards with higher VAT and GST tax refunds, they can get the most value out of their trips.

Far more than just digitizing the process, utu re-engineers the broken tax refund industry to finally put the customer first. By integrating tax refunds with the rest of the travel ecosystem, utu bridges the worlds of refunds and rewards, and unlocks new value in the form of points from retailers, airlines, hotels, restaurants, and many more.

utu allows global shoppers to upsize the refunds from any refund operator across 50 countries taking part in the tax-free shopping scheme, including France, Italy, Germany, Singapore, South Korea and the UAE. Shoppers simply download the utu Tax Free app and fill in their details to receive a utu Tax Free Card. By directing their refund to their card, sums can be upsized by 5% in cash or 25% in Frequent Flyer Miles. Members from 9 major airlines and 1 hotel chain are already able to take advantage of utu upsize rewards. Over time, the reward ecosystem will expand considerably.

Founded in 2016, utu is a technology company with a unique travel industry heritage, steeped in tax-free shopping knowledge. The company’s leadership was pivotal in growing and selling the two currently-leading refund operators to their present owners, when that business model was still relevant.

utu is headquartered in Singapore and has offices in France, Italy, Thailand, and India.

For more information, visit https://www.utu.global.

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Asad JumabhoyCo Founder

Singapore - ND

Co-founded utu after shaping & growing the VAT refund industry. Having built both Global Blue & Premier Tax Free (now known as Planet) into industry leaders, we identified a need to innovate the VAT refund model, from a tax administrative service into a rewards platform promoting tourism shopping.

Our mission is to deliver freedom of choice for shoppers & higher sales for retailers in a technologically driven, user-centric world. FinTech & mobile technology has enabled a global community demanding quality and efficiency in the sharing economy. After two decades, it was timely to develop digital tools to increasingly savvy customers be they shops or shoppers; compliant with data security within a world of increasingly digitised customs regulatory frameworks.

Prior to leaving the corporate world in 2015 to launch utu, my experience spread across nearly two decades of rewards and refunds:

- Introduced the first private-sector Goods & Services Tax refund business for tourists shopping in Singapore - Asia Tax Free shopping
- Merged this with partners to create Global Refund (now Global Blue) in 1999; grew to encompass 45 countries with a market share of over 75%
- Credited with pioneering Global Blue’s digitization strategy, currency conversion payments business & influencing the company’s growth into the industry’s leadership
- Acquired a strategic stake in Premier Tax Free & Fintrax Payments in 2013, becoming Vice-Chairman of the group. Being a part of the team which more than doubled the company’s value within 26 months through new tech & management strategies

Boards and Directorships: MIT Sloan Executive Board, King’s College London Business School Board

LinkedIn https://www.linkedin.com/in/asad-jumabhoy-5044b95/