TurnStay, a South African fintech focused on the travel industry, has announced securing R5.4 million ($300,000) in funding from U.S.-based venture capital firms DFS Lab and Digital Currency Group (DCG). This funding round aims to bolster TurnStay’s expansion across Africa and strengthen its local market presence.
Key Details of the Funding and Company
Investment and Expansion Plans: The newly acquired funds will be used to drive TurnStay’s expansion efforts across Africa, enabling the company to enhance its market position and scale its innovative payment solutions for the travel and tourism sector.
Localized Payment Solutions: TurnStay provides a localized payment experience by charging clients in their home currency using familiar payment methods when booking accommodations. This approach has reduced payment processing costs for clients by up to 70% and halved the number of unnecessary failed transactions, resulting in higher sales conversion rates.
Alon Stern, Co-founder of TurnStay, highlighted the significance of the investment: “The investment from DFS Lab and DCG reflects their confidence in our business model. TurnStay’s solution creates a localized payment experience, significantly reducing costs and improving checkout experiences, which ultimately boosts sales conversions.”
TurnStay’s recent funding round marks a pivotal step in its mission to revolutionize payment processing in the African travel and tourism industry. By reducing costs and improving payment experiences, TurnStay aims to drive direct bookings and increase profitability for businesses across the continent, supporting sustainable growth in a rapidly expanding market.
Stay well-informed and be the very first to receive all the most recent updates directly in your email! Tap here to join now for free!
