Selfbook, a provider of hotel payment software, has completed a US $15 million extension of its Series A investment, valuing the firm at $300 million as of March 8, 2022.
The expansion was headed by Tiger Global Management, which also led the company’s US $25 million Series A round in October. Selfbook, based in New York, was valued at US $125 million at the time, implying a 2.4x gain in valuation from the fourth quarter of 2021 to the first quarter of 2022 and a 38x increase after raising a US $2 million seed round in April of that year.
What the founder has to say:
The first round went by quickly. Khalid Meniri, co-founder and CEO of Selfbook, said, “We raised it all in a week.” “The second one was done in a day because it was mostly an overflow of investors who couldn’t make the first round.”
“With a single integration, they can add Apple Pay, Google Pay, or BNPL,” Meniri explained. “Because of all the difficulties around the cryptogram and MMR, integrating with a digital wallet can take upwards of 500 man-hours. But that’s been taken care of by our technology. Selfbook’s software, according to Meniri, allows for “one-click” payment as well as direct booking connections and smart merchandising.”
What the investors have to say:
Selfbook’s “plug-and-play” software, according to Tiger Multinational Partner Alex Cook, “securely” allows different payment options and can be adjusted “to fit the particular demands of any property, from boutique hotels to global chains.”
“After hearing the excitement from their hotel customers and watching the continued strong growth over the previous several months,” he added, “we wanted to double down on Selfbook.” “We’re looking forwards to continuing our collaboration with the Selfbook team as they simplify the hotel booking process.”
About Selfbook:
Selfbook, based in New York, describes itself as the “Shopify for travel,” and claims to operate at the crossroads of hospitality and finance. It was founded in September 2020 as a shift from a consumer travel app to a B2B startup. According to Meniri, hotels may use his technology to improve their booking experience “with a single line of code” on their existing reservation systems.
Selfbook claims that its software allows hotels to accept “one-click” payments directly on their websites, minimizing chargebacks and eliminating fraud. The firm’s software is the only payment platform for hotels that accepts digital wallets such as Apple Pay, Google Pay, PayPal, and buy now, pay later. Traditional debit and credit card payments are also accepted.
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