Self-book, a New York-based extensive payment startup software for hotels, also known as the future of hotels, recently put up $ 25 Million in an investment round led by Tiger Global Management. It depicts an increase of several times the previous value and funding for SelfBook. Along with Tiger Global Management, several other investors such as Valia Ventures, Fin Venture Capital, and strategic Angel investors. Lachy Groom also took part in this funding round, making the company’s total valuation $125 Million which $30 Million is the amount solely led to by the grant. Several backed-up investors include Better Tomorrow Ventures, 9 Yards Capital, Abstract ventures, and TenOneTen ventures also invested.
SelfBook is a start-up founded from a customer travel app in 2020 in New York, USA, and finally emerged as a B2B company. It covers a large number of customers of various topographies, including La Pigalle in Paris, Los Angeles, Austin, Texas, Washington, and Adan rock St Barths. The start-up is known as “Shopify for travel,” which connects the fintech and hospitality industries. Most of the funding it receives is in the form of venture capital. They work in the direction of making a smooth booking and payment system for guests. Previously, it started its conduct with only one hotel in April. But now has nearly 15 hotels live on its platform while signing contracts with 90 hotels.
Co-founder and the current CEO, Khalid Meniri, also expressed his views on the recent funding. They said the latest investment mark a 16 times uplift from when the company raised $2 Million last quarter. And this technology can accessed by hotels “ with a single line of code.” And make a vast transformation to their pre-existing systems.
SelfBook offers various services, including allowing hotels to accept one-click payments without fear of cybercrime or data stealing fraud. With this, it provides a digital wallet and a single sign-up facility for its users. This has shown an immense increase in the past six months and has become more convenient by letting 67% of booking through phone wallets only. Along with that, Self-Book provides direct payment links, a seamless payment experience, and intelligent merchandising. According to claims made, it is the only payment system that supports the use of digital wallets. Combined, it supports debit cards, credit cards, and wallet transfers. Self-book has the capability to address numerous services, be it hotel/restaurant reservations or to make spa appointments.
The self-book has come a long way from only four employees at the beginning to a total of 50 employees now. But there is a long way to go. According to various sources, the new funding will used for hiring a new workforce to expand and make a visible difference in the current systems. It plans to engage more customers and create strong relations in the fintech and hospitality industry. Citcon, is a digital mobile wallet payment provider that is kind of similar to Self-book. Also got funding of $30 Billion in a series C deal which Norwest Venture Partners and Cota Capital led up.
Investors such as Tiger Global Management and Stripe have also expressed their views on this funding. Groom, former head of Stripe, said, “Anyone who’s booked a hotel online knows how bad the state of payment in hospitality is”.With this technology, Selfbook is actually solving a very attention-seeking part of the hospitality industry. It is no doubt a proven and beneficial point for the future also. Alex Cook, a partner of Tiger Global Management, said that Selfbook has the efficiency to increase the hotel operators’ conversion and improve the guest experience for booking the hotels.
The self-book started its operation as a B2C brand. Allowing guests to make bookings and reservations among 3000 plus hotels using its Six Travel application. The company started its one-click payment operations, a pronounced hotel booking solution for ease of booking. According to CEO Khalid Merini, after being vigorously affected by the covid-19 pandemic, the company decided to make hotel booking and payment a system of ease for all. They decided to help the hotel industry and officially relaunched the start-up Selfbook to offer safe and secure payments.
This type of technology should appreciated in the market as it saves us the experience of safe hotel booking. Which was once very difficult. Self-book is a proven, more comfortable, and convenient way for everyone to have a seamless payment experience.