Selfbook is a company in the hotel payment software sector. Selfbook recently announced that it had raised $25 million in a Series A round. This massive funding round is led by Tiger World Management. Lachy Groom, a former Stripe employee who is now a Valia Ventures trader, Fin Venture Funds, and other “strategic” angel investors, also participated in the transaction.
As a result, the company selfbook’s total capital increased to $25 million and was valued at $125 million. Selfbook co-founder and CEO Khalid Meniri said the valuation was near “16 times” above the company’s valuation and raised $2 million in the previous quarter.
Overview of the selfbook:
Selfbook started in April with just one hotel and has now signed contracts for about 90 properties, 15 of which have missing guests. The company has seen a “10x” increase in users of Selfbook compared to the past six months. In addition, the Selfbook system is the only hotel system that allows digital wallets such as Apple Pay out, Google Pay back, PayPal, and buys now, pay later.
Selfbook currently has 50 full-time employees, up from just four at the beginning of the year. It plans to use additional resources to expand its partnerships with current financial firms and service systems. In addition, Selfbook was formerly a business-to-consumer company that allowed hotel guests to book at about 3,000 resorts. After realizing there were no API partners, the company built” modern” transaction software “came up to help with such bookings.
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What are the unique characteristics of the selfbook software?
This software can also include many solutions. It helps to combine appointments, bookings, and other activities into a single workflow. This can help hotels get more sales to their customers. At the same time, it adds more income; on the other hand, Selfbook has 50 members and will use the funds for additional recruits. It will also expand its partnerships with hotel brands and fintech players.
Selfbook previously involved booking/booking more than 3,000 hotels. This was done through the SIX travel app transaction as well. Selfbook Partner at Tiger Global, Alex Cook, feels that Selfbook has played a role in changing hotel bookings while expanding hotel conversion and improving the guest experience during booking. Groom also commented that Selfbook solves a big problem for everyone booking hotels online.
Unique features of selfbook:
Selfbook optimizes the bottom of the funnel and removes disruptive redirects to older booking templates with lots of forms. It Helps hotels reduce booking abandonment and increase conversion rates. Its innovative pricing features allow customers to choose a base package or price and premium add-ons such as upgrades, breakfast, and additional services and amenities (restaurants, yoga, spas, etc.) at high prices. Selfbook is transparency, convenience, and trust.
The only direct booking technology that supports Apple Pay and other digital wallets. Targeting the fastest-growing audience of mobile-savvy customers, Selfbook verifies all credit cards before they are sent to the hotel’s Central Reservations System using end-to-encryption. It has a Multi-layered end, rate rules, and built-in security controls to prevent fraud and eliminate inventory hijacking.
Selfbook works with leading partners across the hospitality ecosystem to combine a seamless booking experience. It provides an 18% increase in average order value, enabling customers to choose from various services and add-ons in a single payment. Regardless of the complexity of prices, such as prepayments, guarantees, and deposits, Selfbook’s proprietary payment technology sends a secure token and confirms the payment to each merchant in the process of payment.
The company is now valued at $125 million, raising $30 million to date. The valuation indicates a growth of nearly 16 times the previous valuation of the enterprise when it received $2 million in seed funding. This was confirmed by Selfbook’s co-founder and CEO, Khalid Meniri.
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