UTU raises $33M to help travelers get more from tax-free shopping

Utu, a travel tech company that helps flyers get more out of their tax-free shopping, announced today it has raised a $33 million Series B led by SC Ventures. But they dont get back the full amount of VAT, which is where utu comes in.Utu co-founder Asad Jumabhoy spent eight years working in the duty-free business, before another 25 in tax-free shopping. While operating fashion and perfume stores at Changi Airport in Singapore in the late 1980s and early 1990s, Jumabhoy started a tax refund business that evolved into Global Blue. For example, they can receive over 90% of their refund value in airline frequent flyer miles.The CardsPal acquisition will give utu a digital marketplace, a promotions engine and self-service merchant registration portal. It will also expedite utus rollout in markets like France and Italy, plus another 50 countries that offer VAT and GST refunds.Utus funding will be used to grow its product distribution across all countries that offer a VAT refund service, invest in technology and new products and strengthening its management to execute its growth plan.