October 25, 2021
Read the TechCrunch exclusive on Selfbook's Series A fundraising round here.
Selfbook, a unique, comprehensive hotel payment software, today announced its oversubscribed Series A fundraise of $25 million. Dubbed the ‘Shopify for Travel’, the round was led by Tiger Global Management, with participation from Lachy Groom, Valia Capital, Fin Venture Capital and strategic angel investors.
Launched in April 2021, Selfbook enables hotels to accept one-click payments directly on their websites while eliminating fraud and reducing chargebacks. The proprietary software streamlines the payment process for hotels by supporting Apple Pay, Google Pay and PayPal as well as traditional credit and debit cards. Selfbook also groups multiple services such as restaurant reservations, spa appointments and activities into a single payment flow to easily drive upsells and increase revenue.
With today’s consumers expecting and relying on mobile and digital wallet payments, Selfbook gives new opportunity to hotels recovering from the devastating effects of COVID-19. This performance is driven by a modern, secure and unified payment experience that encompasses new values travelers have now come to expect — simplicity, flexibility, and privacy.
"We’re excited to use these new resources to further innovate our platform, continuously improve user experience, and implement the fastest-growing digital wallets and payment methods," says Khalid Meniri, Co-Founder and CEO of Selfbook. “Being at the intersection of fintech and hospitality, we’re bringing what’s already mainstream in other verticals such as the simplicity of Apple Pay, Amazon’s 1-Click Checkout or Buy Now Pay Later to the travel industry, which remained archaic. We are committed to empowering hotels all over the world, especially at this crucial time of recovery in the industry."
This Series A financing round brings the total of equity capital raised to nearly $30 million, with seed round investors such as Better Tomorrow Ventures, Abstract Ventures, TenOneTen Ventures and 9Yards Capital returning to further support Selfbook. This announcement marks a 15x valuation increase in just three months since closing the seed round, surpassing expectations. With continual, rapid growth, Selfbook’s list of illustrious clients now includes Eden Rock St Barths, Le Pigalle and Line Hotels, among others – further proof of an industry moving in a new direction.
“We are excited to back the Selfbook team as they modernize the hotel booking experience, increasing conversion for hotel operators and improving the booking experience for guests,” says Alex Cook, Partner, Tiger Global. “We believe Selfbook is well-positioned to rapidly grow share based on the positive customer feedback and strong pipeline of hotel partners.”
“Anyone who's booked a hotel online knows how bad the state of payments in hospitality is. Selfbook is a joy to use, and is obviously the future,” says Lachy Groom, investor and former Head of Stripe Issuing.
Selfbook is a comprehensive transaction engine transforming the hospitality landscape by making hotel payments from any direct touchpoint unprecedentedly delightful and simple. The technology-first platform removes barriers to direct bookings, helps propel the industry forward and empowers hotels with better ways to reconnect with their guests. Working in tandem with hotel’s existing reservation systems, Selfbook simplifies the payment process to accept one-click payments, increase conversions and boost revenue.
Tiger Global Management is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global's investments have included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, Attentive, LinkedIn, Flipkart, and Toast.
By Scott Ideas