Selfbook extends Series A led by Tiger Global
Image Credits: TechCrunch
Hotel booking platform Selfbook has raised an additional $15 million in its Series A funding round less than a year after the $2 million seed round in April 2021, snowballing its valuation to $300 million. The extension and the initial $25 million Series A in October 2021 were both led by Tiger Global Management.
Founded in September 2020, the New York-based B2B company shifts the paradigm for hotel bookings boosting direct revenue by 3 to 4% through “simplified one-click payments, seamless display, and direct links” while eliminating fraud and reducing chargebacks.
The software employs ACH (Automated Clearing House) to ensure quick and easy payments with the highest level of security. In addition to a wide range of debit and credit card payments, the startup claims to be the only payment technology for hotels that supports digital wallets including Apple Pay, Google Pay, PayPal, and Buy Now, Pay Later functionality, thus catering to the fast-growing needs of the audience leaving minimal scope for booking abandonment. “It can take north of 500-man hours to integrate with a digital wallet because of all the complications around the cryptogram and MMR. But our proprietary technology already takes care of that,” said Khalid Meniri, co-founder and CEO of Selfbook.
With nearly 100% month-over-month growth in the customer base, the company has 30 customers live on its platform and almost 100 hotels onboarded. The platform earns by charging a 1% fee for all transactions. This fee may be increased to 2% in the future.
“Hotels are yearning for a direct dialogue with customers,” he added. “They want to make it easier for their guests to add rooms, or remove nights. They should be able to do that dynamically and automatically.” Selfbook streamlines the entire hotel booking process by allowing users to interface with an easy-to-navigate, thoughtfully designed website that facilitates auto-filling personal information and a faster checkout process, increasing the likelihood of the sale taking place.
