Entravel Group, a specialist in white-label travel connectivity for fintech, has raised an additional $3 million in funding from existing investors. Last month,
the company raised $7.5 million in a round led by Ethereal Ventures and Finality Capital.
The latest investment will help the company launch Expereon, a platform to help travel companies improve settlement processes and address working capital challenges.
The platform will link bookings, invoices and payments, automate reconciliation and turn “eligible hotel booking receivables into cash,” the company said.
A financial orchestration layer, which aims to enable “instant, 24/7 global settlement” supports Expereon.
Payward, a financial technology specialist and the company behind the Kraken cryptocurrency exchange, has been named as a custody provider for the platform.
“Cross-border payments add another layer of complexity,” said Mathias Lundoe Nielsen, founder and CEO of Entravel Group, highlighting the complexity added by cross-border payments.
“Based on Entravel’s experience, businesses may deal with 15-40 banks and lose 0.5%-1.5% in foreign exchange costs. Entravel is the first company in the industry to consolidate these processes into one place. The platform enables international stablecoin
payments between businesses to link each booking with its corresponding invoice and payment, flags problems automatically and gives finance teams clear visibility over their money.
Fiat accounts are part of the platform, meaning that travel companies do not need to hold stablecoins.
He added that the platform could help travel businesses pay suppliers in minutes rather than days and reduce operational finance costs by up to 80%.
“Travel is a $1.6 trillion global bookings market, yet the financial infrastructure behind it has not
kept pace with how quickly distribution has digitized,” said Joseph Lubin, chairman of Ethereal Ventures and co-founder at Ethereum.
“Payments remain one of the industry’s biggest hidden cost centers, with many travel companies still relying on fragmented systems and outdated infrastructure. Entravel Group combines deep travel distribution expertise with a modern approach to financial
infrastructure utilizing stablecoins.”