The industry’s leading booking and payments platform – used by thousands of travel businesses for its multi-solution technology platform – is now offering WeTravel Growth Capital loans to any eligible travel business.
SAN FRANSISCO, CA. – WeTravel, the booking and payments platform powering the multi-day travel industry, launched WeTravel Growth Capital, providing to any eligible travel business instant funding options to support their operations.
Available to any North American travel business that meets the minimum application requirements, the one-time loan – with a range of financing options from receivables advances to lines of credit – is an offer unavailable to travel businesses, which are often undeserved by traditional lenders. With the funding access, travel businesses can pursue new opportunities, expand market reach, invest in critical business infrastructure, or grow their operations.
“It has been a difficult season for the travel industry, especially for small, local businesses and operators. As we emerge into a new season, WeTravel is providing additional support to help travel businesses successfully recover and increase profitability with access to the money they need,” said Zaky Prabowo, WeTravel’s chief operations officer and co-founder. “As a separate but complimentary offering to our platform, offering Growth Capital aligns with our business’s founding mission to provide opportunities for any travel business to successfully operate a business with the assistance of travel-specific technology.”
In 2020, less than 10 percent of WeTravel’s users transacted payments from travelers; in the same year, WeTravel’s platform handled millions in refunds and disputes for its users. In 2022, WeTravel’s transactions have now grown by more than 300 percent compared to pre-pandemic transactions, its new users have more than doubled since 2019. While the business’s platform is used by all-sized travel businesses, more than 65 percent of WeTravel’s users are considered small- to medium-sized businesses.
“We know, from our thousands of users, how access to a loan can vitally change a business, especially after a two-year industry standstill. By offering this solution for travel businesses, we strive to be a small part of what helps these businesses reach their full potential,” said Prabowo.
To apply for WeTravel Growth Capital, a travel business – from destination management companies to group organizers to travel agencies – must average $10,000 USD in monthly revenue, have operated for more than six months, and have a minimum 550 credit score. With no fee, obligation or credit score impact, the application takes 15 minutes. Upon approval, a dedicated funding advisor will review loan offers with the successful applicant, capital can be received as soon as 24 hours upon agreement, deposited directly into the successful applicant’s business account. The terms and conditions of each loan are determined and structured per lender. After a 30-day window, applicants may reapply for additional financing options.
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She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
