TurnStay is a fintech company operating in the travel payment sector, focusing on reducing cross-border payment costs for the African travel and tourism industry. Founded in 2021 by Alon Stern and James Hedley, the company is headquartered in Cape Town, South Africa. TurnStay has raised a total of $2.3 million in funding, with its early backers including First Circle Capital, TLCom Capital, and Enza Capital. The platform aims to streamline payment processes for travel operators by offering solutions that minimize failed international payments and high transaction fees.
| Attribute | Information |
|---|---|
| Founding Date | 2021 |
| Headquarters | Cape Town, South Africa |
| Founders | Alon Stern, James Hedley |
| Revenue | Not Publicly Disclosed |
| Profits | Not Publicly Disclosed |
| Key Investors | First Circle Capital, TLCom Capital, Enza Capital, DFS Lab, Digital Currency Group |
| Industry | Fintech, Travel Payments |
| Number of Employees | 5 |
TurnStay was established in 2021 by Alon Stern, a co-founder of Slide Financial, and James Hedley, co-founder of Quicket. The duo aimed to address a critical challenge in the African travel and tourism industry: reducing the high cost of payment processing for hotels and travel accommodations. By adopting technologies and strategies similar to those used by global booking giants, TurnStay began to build a platform focusing on lowering card fees and reducing failed transaction incidents. Their initial operation garnered significant attention, allowing them to secure $300,000 in early funding from international investors such as DFS Lab and Digital Currency Group.
TurnStay operates with a business model that integrates a merchant-of-record approach, focusing on improving payment processes in the travel sector. This model allows the company to specialize in streamlining payment solutions for African travel and tourism operators. The platform's key achievements include:
TurnStay is currently expanding its operations to cover more areas within Africa, providing innovative solutions to conventional payment challenges faced by the travel industry. The company's merchant-of-record model gives travel operators an alternative to high-commission global travel agencies, offering greater control over pricing and revenue flows. Through the use of stablecoins, TurnStay enhances the speed and cost-effectiveness of transactions, helping operators avoid the complications associated with cross-border payments. While the company's market share is not publicly stated, its unique model and investor backing position it as a formidable player in the fintech travel space.
TurnStay has carved a niche in the African fintech landscape, focusing on eliminating inefficiencies in the travel and tourism payment sector. The founders' innovative approach has enabled significant cost reductions and operational enhancements for their clients. With continued expansion across the African continent and sustained investor interest, TurnStay is well-positioned to influence the fintech industry further, potentially offering a new standard in travel payment solutions that prioritize cost efficiency and conversion rates for tourism operators.