Nium, Torpago, and Swiipr are three startups focused on simplifying travel payments that have recently raised significant funding. Nium, a fintech platform for cross-border payments, raised $50 million in series E funding, bringing its total funding to $338 million. The company’s platform aims to make international payments quicker and more cost-effective for businesses in the travel industry. Torpago, a corporate expense management platform, raised $10 million in series B funding and is focused on providing virtual and plastic corporate credit cards to business clients, along with a software platform for managing expenses. Swiipr, specializing in payments for the airline industry, raised $7.7 million in series A funding, offering a platform for airlines to digitize payments to passengers for various reasons.
OneOrder, a supplier and wholesale distributor for hotels and restaurants, raised a series A round of $16 million, including equity and debt. The platform allows hotels and restaurants to order a variety of supplies and manage payments through the OneOrder platform. With more than 150 suppliers and 1,370 clients, the company offers a convenient one-stop-shop solution for hospitality establishments. Qstay, a vacation rental property manager and tech platform, raised $4.6 million in pre-series A funding through a mix of debt and equity. The platform, based in Dubai, operates more than 300 properties in nine markets and offers a digital concierge service for guests.
Nium has seen significant growth, with revenue growing 50% in 2023 from the prior year. The company has made strategic hires, including executives from Bank of America, PayPal, and Revolut. The funding will support global expansion, product innovation, hiring, and potential acquisitions. Torpago is focusing on expanding its white-label product for regional and community banks to offer branded corporate credit cards and expense management services to businesses. Swiipr plans to use the funding to improve its product and expand its international business, given its success with airline clients like British Airways.
OneOrder plans to expand into the Middle East and use the funding to build financing options and integrate the platform further with AI. Qstay aims to expand between 2024 and 2026 and has facilitated bookings for over 60,000 guests. The company projects reaching $63 million in revenue by 2025. Overall, these travel payment startups are disrupting traditional payment methods in the travel industry and exploring innovative solutions to simplify transactions and improve the overall customer experience.
