WeTravel, a startup founded in partnership with our compatriot Garib Mehdiyev, received an investment of 27 million dollars.
WeTravel startup was founded in 2014 by Johannes Koeppel (CEO), Garib Mehdiyev (CTO) and Zaki Prabovo (CMO). The startup is an online payment platform that offers pre-departure tools for travel organizers to fundraise and organize logistics.
Johannes Koeppel, Garib Mehdiyev and Zaki Prabovo moved to San Francisco from Azerbaijan, Indonesia and Switzerland to start the startup. However, due to the problems experienced here, the three founders of WeTravel were forced to move to Amsterdam in 2019. However, today the majority of the company’s business team and clients are in the United States.
More than 3,000 companies use WeTravel to accept payments, manage reservations efficiently and make international currency transfers. With this, the startup serves more than 500,000 customers. The startup’s transaction volume has grown 300% from pre-Covid levels and revenues are now 3 times higher. CEO and co-founder Johannes Koeppel said he believes these numbers will double again in 2023.
WeTravel received $7 million in investment over eight years. Now the startup has managed to get $27 million in Series B investment led by Left Lane Capital with participation from Base10 Partners and Swift Ventures. WeTravel announced that it will spend this investment on fintech product development.
WeTravel CEO Johannes Koeppel said, “What matters is not the payment, but what happens afterward. What the travel company should do with the funds. A typical trip might cost a user $10, the vast majority of which goes to suppliers. It’s about managing funds. The more interesting the trip, the more suppliers there are – from restaurants and transport companies to airlines, hotels, etc. In addition, there are fees for money transfers and different payment methods from business to business, from country to country. The WeTravel platform addresses two key parts of this process: organizing suppliers and helping those who bring the team together to plan everything, then dealing with different aspects of the payment process, whether it’s setting up installment payments or working with different currencies and payment methods and tools to pay different suppliers based on their individual terms, etc. He describes the fintech side of the business as “the PayPal of travel.”