WeTravel raises $27m in Series B funding to boost fintech product development
US-based SaaS platform WeTravel, which offers business travel management and payment services, has raised $27 million in a Series B funding round led by Left Lane Capital.
WeTravel raises $27m Series B
The round also saw participation from existing investors Base10 Partners and Swift Ventures, along with several angel investors.
With the new cash influx, WeTravel plans to accelerate the development of its travel-specific fintech solutions on both the front-end for customers and back-end for businesses, in order to meet demand. It also intends to grow its team to help boost product development.
WeTravel was formed in 2016 to help travel businesses digitise their travel booking processes, offering integrated payment solutions and a peer-to-peer (P2P) payment network allowing businesses to control money movement, refunds, disputes and traveller transactions, charging 1% in transaction fees.
The company claims to serve more than 3,000 travel businesses on its platform. The new investment brings its total capital raised to $34 million.
“To extend our platform’s capabilities for users, we’ll be investing in multi-day travel businesses to engage, transact and retain their stakeholders and increase revenue,” says Johannes Koeppel, co-founder and CEO of WeTravel.
“What this platform extension means is opportunity for travel businesses to have access to the necessary booking and payment options that will help grow their travel business,” Koeppel adds.
