SA travel fintech secures R5.4m funding to expand across Africa
South African travel-focused fintech TurnStay.com has secured $300,000 (over R5.4m) in funding from Silicon Valley and New York investors DFS Lab and DCG. The investment aims to expand operations across Africa and bolster existing market presence.
Alon Stern and James Hedley co-founders of TurnStay
Founded by entrepreneurs Alon Stern, co-founder of Slide Financial, and James Hedley, co-founder Quicket, TurnStay reduces the cost of getting paid for African merchants and platforms in travel and tourism by harnessing the same ‘tricks’ used by the world's biggest booking companies.
Stephen Deng, general partner at DFS Lab explains: "TurnStay is building a much-needed offering for the African travel and tourism industry, one that unlocks substantial cost savings for hospitality businesses across the continent. We believe the founders are the perfect team to tackle this opportunity, combining deep industry experience with a proven history of shipping market-leading products."
Deng adds: "DFS Lab backs founders who use tech to redefine what's possible in African digital commerce. TurnStay not only fills a critical niche, but we believe what they're building will raise the bottom line for the African travel and tourism industry."
Alon Stern, TurnStay CEO, says: "Securing funding from these US investors is a vote of confidence in our business model, which has already processed more than R50m in transactions.
"TurnStay creates a localised payment experience, charging clients in their home currency using familiar payment methods when booking accommodation. TurnStay’s solution has reduced costs for some clients by 70% and halved the number of unnecessary failed transactions. With a better checkout experience, sales conversion rates soar."
