Hotel payment processing software business Selfbook has raised a total of $30 million, including $25 million in Series A funding. Following the extension, the company’s valuation rose to $300 million.
In light of the additional work and Series, The company’s October investment round was handled by Tiger Global Management. These two events occurred in the same month of October.
Up from $75 million in the previous quarter and $2 million in the company’s seed round held in April of 2021, the New York City-based enterprise Selfbook was valued at $125 million at the time. Social networking platform “Selfbook,” which lets users build and share digital avatars of themselves, debuted in 2021.
JAWS Estates Capital, a new strategic investor, has joined the effort. Hotel tycoon Barry Sternlicht’s private investment company, JAWS Estates Capital, has made an acquisition. Sternlicht is currently serving as Starwood Capital Group’s chairman and is widely regarded as one of the company’s founders.
The first round took far less time than we had expected. Selfbook co-founder and current CEO Khalid Meniri have made a few disclosures. The entire cash, he claimed, was collected in just seven days. Even though it was held only 24 hours after the first, most of the absentee investors showed up for the second.
For the third to occur so quickly, there appeared to be a surge in labor. It was “in a day because it was largely an overflow of some of the investors,” the presenter said of the third event. The fourth one happened only two days later.
New York City-based Selfbook rebranded as a B2B company in September 2020, having previously operated as a consumer travel app. The company sees itself as a “Shopify for travel,” operating at the crossroads of the travel industry and the financial technology sector.
The company’s founders were first inspired to create the product as a smartphone app for spontaneous tourists. Incorporating “only a single line of code” from Meniri into a hotel’s existing system, the company claims, will enhance the booking experience. To encourage more bookings through the hotel’s website, this measure can be used.
Hotels may, reportedly, use Selfbook’s software to accept “one-click” payments through their websites with little to no chance of fraud or chargebacks.
Theirs is the only hotel-focused app that, to the best of the company’s knowledge, accepts Apple Pay, Google Pay, PayPal, and the ability to “purchase now, pay later.” These are merely some of the forms of digital currency that can be used in the system. Typical payment methods, such as debit and credit cards, can be used with this system.
Meniri explained how they partnered with various payment gateways to accept a variety of payment methods like Apple Pay, Google Pay, and BNPL. Due to the complexity of the cryptogram and the MMR, integration with a digital wallet may require up to 500 man-hours to build. as per 125mazevedotechcrunch.
This issue, however, is now irrelevant because of our cutting-edge technical progress. Meniri claims that using the Selfbook platform enables “one-click” payments, direct booking links, and intelligent merchandising.
Meniri stated, without disclosing financial specifics, that the company was adding about 100% more clients per month than it was losing. Meniri claims that the company’s staff has been increasing by a rate of about 100% per month. He warned against hastily assuming that a contract’s value drops as the number of its customers rises.
He went on to suggest that the possibilities of making more money increased with the number of users. From an estimated five residents in April of last year, there are now over seventy people calling this place home.
According to Meniri, the number of customers using the Selfbook platform has reached 30, and the firm has brought on board nearly 100 hotels. Company revenue comes from charging a flat fee equal to 1 percent of the deal’s final value for its services. Selfbook is considering a rate hike to 2% shortly.
Initially, Selfbook targeted boutique hotels (also known as independent hotels) and small hotel chains with five to twenty-five individual locations. It plans to start collaborating with a handful of fintech firms by the end of the second quarter.
Companies in the financial technology sector wanted to provide their wares to hotels, but they couldn’t do so due to inadequate infrastructure.
In his opinion, one of Selfbook’s benefits is that it streamlines the process of direct hotel bookings for customers. He continued by saying that this brings in more money for the hotel because guests are happier and are less likely to cancel their reservations. Clients are happy and less inclined to withdraw as a result, he claimed.
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