With a travel focus in South Africa, fintech TurnStay has raised US $300,000 to grow its business into more African markets and maintain the notable momentum it has already attained.
TurnStay was founded by seasoned businessmen James Hedley, a co-founder of Quicket, and Alon Stern, a co-founder of Slide Financial. By utilizing the same “tricks” employed by the largest booking companies worldwide, TurnStay lowers the cost of payment for African merchants and platforms in the travel and tourism industry.
TurnStay gives its customers in the African travel and tourism sector the ability to receive more direct bookings while slashing the cost of card billing by up to 70%. Direct bookings improve the bottom line of travel and tourism enterprises by lowering the commissions paid to online travel agencies like Booking.com.
TurnStay will use the US $300,000 funding, which comes from investors DFS Lab and DCG in Silicon Valley and New York, to expand quickly into new markets.
“Securing funding from these US investors is a vote of confidence in our business model, which has already processed more than ZAR50 million (US $2.8 million in transactions. TurnStay creates a localised payment experience, charging clients in their home currency using familiar payment methods when booking accommodation. TurnStay’s solution has reduced costs for some clients by 70 percent and halved the number of unnecessary failed transactions. With a better checkout experience, sales conversion rates soar,” Stern, the startup’s CEO, said.
TurnStay is developing a much-needed product for the African travel and tourism market, according to Stephen Deng, general partner at DFS Lab, one that can save significant costs for lodging establishments all over the continent.
“We believe the founders are the perfect team to tackle this opportunity, combining deep industry experience with a proven history of shipping market-leading products,” he said.
“DFS Lab backs founders who use tech to redefine what’s possible in African digital commerce. TurnStay not only fills a critical niche, but we believe what they’re building will raise the bottom line for the African travel and tourism industry.”
