By HTN Staff - 3.8.2022
Hotel payment software Selfbook, which offers a secure and unified payment experience for hoteliers, has completed a $15 million extension of its Series A financing. The startup bills itself a comprehensive transaction engine “transforming the hospitality landscape by making hotel payments from any direct touchpoint.”
According to the company, its 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 hotels’ existing reservation systems.” The platforms is designed to simplify the booking process by enabling hotels to accept one-click payments directly on their websites while eliminating fraud and elevating the user experience.
The company’s proprietary software streamlines the payment process for hotels by supporting Apple Pay, Google Pay and PayPal, as well as traditional credit and debit cards. The New York-based company also groups multiple services such as restaurant reservations, spa appointments and activities into a single payment flow to drive upsells and increase revenue.
Founded in September 2020 as a pivot from a consumer travel app to a B2B company, Selfbook bills itself as the “Shopify for travel.” Hotels can reportedly implement its platform capabilities with a single line of code, integrating the customer booking process directly into the existing reservation system.
The company’s progress is impressive by any measure. According to a press statement, Selfbook launched with one hotel last April and has subsequently signed contracts representing nearly 90 hotels, with 15 so far having gone live. Its customers span a range of geographies and include Le Pigalle in Paris, Eden Rock St Barths and The LINE’s locations in Los Angeles, Austin, Texas and Washington, D.C. Selfbook is primarily focused on the United States and Western Europe.
Selfbook will reportedly use the new funds to further grow its team, evolve its product portfolio and build embedded fintech opportunities in the hospitality vertical.
The new funding round was led by Tiger Global, with new strategic hotelier partners including JAWS, the family office of Barry Sternlicht. This extension highlights Selfbook’s continued growth rate over the past year, and follows the closing of a $25 million Series A round in October 2021, led by Tiger Global, with participation from Lachy Groom, Valia Ventures, Fin Venture Capital and strategic angel investors. The new round therefore brings the total Series A funding to $40 million, with a valuation of $300 million.
“We are grateful for the incredible response to Selfbook from investors seeking to bolster the Hospitality industry in a time of recovery and growth,” said Khalid Meniri, Co-Founder and CEO. “This extension round afforded us an opportunity to bring on strategic hotelier partners who recognize the value proposition of Selfbook not just for boutique hotels but also for global hospitality brands. With this new investment we can supercharge our R&D to further develop new innovations and products for our partners and to scale without dependencies.”