we travela booking and payment platform for the multi-day travel industry, has added instant payment functionality to its fintech offerings.
This feature allows US travel companies using WeTravel’s platform to transfer funds to suppliers, employees and contractors for immediate cash pickup.
“As the only vertical SaaS for the multi-day travel industry, we are constantly evolving our product to meet the back-end operational needs of our users and, more broadly, of every multi-day travel business that may be a user,” says WeTravel co-founder and CEO Johannes Koeppel.
“Deploying more fintech solutions through our platform that help travel businesses manage their cash flow, while putting funds directly into the hands of the recipient, will help manage relationships between operators and suppliers and better balance the company’s income.”
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The company, founded in 2016, explains the feature, which addresses users’ frequent need to pay their partners in cash by allowing immediate access to cash funds from any ATM or bank.
“In the travel industry, suppliers rely heavily on cash withdrawals to pay tour escorts, local businesses and community activities and, to an equally profound extent, group gratuities. For all businesses – but especially suppliers, vendors and local employees who need tourism dollars, instantly – our latest fintech solution will continue to help businesses increase revenue and stakeholder satisfaction, while managing their company’s venture funds and cash flow,” says Koeppel.
More than 3,500 travel agencies use the WeTravel platform. In 2018, the company raised $2 million in funding.