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Posted by Lee Hayhurst on Dec 22nd, 2021 at 09:10

Company Profile: Travel Ledger sees network effect thanks to Abta partnership

The travel fintech start-up looks forward to 2022 anticipating it will benefit from integrating its first major customer

Lee Hayhurst caught up with founder Roberto Da Re as the fintech start-up looks forward to a 2022 in which it expects to benefit from integrating its first major customer

Automated B2B invoicing platform Travel Ledger says it now has the scale to benefit from a network effect in 2022 as it prepares for a Series A funding round.

The start-up, launched by Roberto Da Re, the founder of travel tech developer Dolphin Dynamics in 2017, took significant strides forward during the COVID pandemic.

A partnership with UK trade association Abta saw 400 travel agent and operator businesses migrated onto the platform in just a month-and-a-half in the midst of the pandemic.

De Re said this will see it enter 2022 with a critical mass of users as it looks to add more functionality and expand into international markets and to non-Abta travel firms.

As an invite-only platform, current users including large multi-national businesses, are encouraging their partners to sign up having seen it in action for its Abta business.

“We are really excited about what’s going to happen in 2022, with the expansion of our user base,” said De Re.

“We are talking to other organisations that have their own clearing processes and we are starting to talk to other companies about clearing directly through the platform.

“To grow successfully it was always going to be important to get the first large customer onboard to get the user base to a critical mass and to create economies of scale.

“That is why it took a little longer to find the right partner than initially anticipated. We talked to a number of companies, but I was determined to do it in the right way.

“And the right way was to start with a base large enough to allow that network effect to kick in. This is already happening.

“Now companies are approaching us wanting to come onboard. It’s one of those network platforms – the more people use it, the more people want to come onboard.”

Da Re based the original idea for Travel Ledger on aviation body Iata’s BSP (Billing Settlement Plan) scheme through which airlines and agents settle invoices.

It has raised £2 million in seed funding and now employs 20 people and expects to complete a Series A round midway through next year.  Among its senior industry supporters is former Abta chairman John McEwan, who chairs its advisory board.

Travel Ledger replicated the Abta Single Payments Scheme (SPS) which oversaw agents passing customer money to operators for the holidays they were selling.

This weekly remittance cycle was previously time-consuming, manual, and complex, and Travel Ledger saw the opportunity to provide greater automation and flexibility.

Much of the functionality made possible through building on the Ethereum blockchain remains in development, but the new system has already proved effective during the COVID crisis.

De Re said the ability to handle refunds from operators to agents was talked about with Abta pre-COVID but no one expected it to become so crucial before the pandemic struck.

“In a way COVID enabled the project to move forward, because the old platform had a few challenges in terms of money going to other way. Usually, it’s agents paying suppliers.

“It was a difficult time for everyone, but it sped things up from a relationship perspective and we found ourselves developing and raising funds in early 2020.

“In many ways it was the worst time to do that, but we persevered and we got the investment and went live in summer 2021 with a couple of pilots.

“We started bringing everybody onboard in October and it has been very smooth. The migration’s gone very well and as we already have 22 suppliers onboard, all top operators.

“And we have almost 1,800 Abta retail outlets. For us the deal with Abta was key because It gave us the initial kick to really get the platform going and now we are in full swing.”

To support Abta agent members in the migration, Travel Ledger has waived its monthly fee in 2022 to avoid heaping any additional direct costs on firms at this time.

While fees will be charged in the long-term, Da Re said using Travel Ledger will be much more efficient than alternative manual processes.

Volumes of transactions passing through the platform are already in the millions of pounds per week with numbers expected to rise in the new year when travel restrictions are lifted.

“The benefits are really on both sides,” Da Re says. “The supplier can deliver all of their invoices using a single platform to all of the Abta members.

“On the agent side they work with many suppliers so they can get all of the information presented to them in a single place.

“So rather than 20 statements they receive everything in one platform and it takes care of all the reconciliation and balancing.”

In the Abta partnership the association’s bank account does all the clearing, but Travel Ledger will start to offer a wider range of payment options to direct debit like digital wallets.

Da Re said Travel Ledger operates like a Paypal for B2B invoicing in travel offering flexibility and transparency to any travel companies that need to exchange financial information.

And he said the firm is focussed on providing greater flexibility to travel agents, by facilitating that and integrating with back-office systems, as well as operators.

Ultimately Travel Ledger can enable operators to have bespoke arrangements for payment terms with agents based on their commercial relationships and credit agreements.

This opens up the possibility that the blockchain platform developed by  Travel Ledger,  with its added level of security could transform industry regulation.

The CAA has begun a consultation about the future of the Atol scheme which, essentially, is looking to de-risk from exposure following COVID and major failures like Thomas Cook.

The regulator is keen on travel firms separating client monies from working capital in trusts to ensure customers cannot lose out, but this would hit many financial models in travel.

Da Re said: “It’s good that the CAA is consulting with the industry. We think there is definitely the potential to improve the processes to make it easier for everyone involved.

“We need to consider the financial impact that some of these regulations will have on the industry. And that’s where hopefully we can play our part.”

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Top 9 tips for nervous flyers

Having some nerves before flying is not uncommon, but how to stop it getting in your way? Learning how to reduce nerves around flying can help you enjoy a stress-free travel experience. 

How to fly stress-free: Top 9 tips for nervous flyers

We can all dream about being on a relaxing holiday, however, getting there is often harder for some people more than others. 

A fear of flying can often mean you restrict yourself on where you go, or perhaps you are able to get there, but it takes a lot out of you mentally and physically. 

1)    Give yourself more than enough time to reach the airport

If you’re a nervous flyer, getting to the airport on time feel like an extra chore. 

One of the best ways to make the journey to the airport more relaxing is to give yourself extra time so you don’t end up rushing. The recommended time to get to the airport is 2-3 hours before your flight to allow time to get through security and to check in any bags you have. 

It’s worth making sure you allow enough time for any delays getting to the airport too. Check beforehand to make sure there aren’t any scheduled train cancellations and delays or road works and closures. That means you have one less thing to worry about.

2)    Tell your travel agent and airline cabin crew

One of the perks of booking with an ABTA member is not only a seamless booking process, but the fact you can speak to your travel agent about any worries you might have. Tell your travel agent or operator you’ve booked with about your fear of flying. As expert travellers, they might have some advice to help calm your pre-flight nerves.   

Equally, you could tell the cabin crew on your flight that you’re a nervous flyer. They’ll be able to reassure you, let you know how the aircraft works and the ins and outs of turbulence.  

3)    Make sure you’re comfortable

There’s nothing worse than feeling fidgety, especially when you have to sit for the majority of your journey. So, make sure you’re comfortable, whether that’s being cosy in an oversized hoodie, covering yourself with a blanket or resting your head on a neck cushion.

4)    Sit in an aisle or extra leg room seat

When you check in, consider booking an aisle seat or a bulkhead seat which typically allow for more leg room. Sometimes feeling a bit anxious of flying can be due to a sense of claustrophobia, if you feel like that sounds like you, it’s probably worth giving yourself a bit more room to feel comfortable and less closed in. 

5)    Remember to hydrate and carry water with you

Carry a refillable bottle of water with you, which can be refilled after you pass through security in the airport terminal. That way, whenever you feel panicked you don’t have to worry about not being able to have a sip of water. Drinking water can help calm you down and prevent hyperventilating which may help manage your fear of flying. 

6)    Give yourself things to do

Distract yourself with things to do at the airport, like window shopping or fuelling up on a nice meal. During the flight, reduce nerves by starting your new holiday read and immerse yourself in the story. Watch a film or TV series, listen to music or a podcast, or get yourself an activity book packed with sudokus or crosswords to help the time fly.

7)    Try breathing exercises

Practice deep breathing exercises to relax your body. It might be easier said than done, but if you’re able to master this it could really help to calm your nerves. You might also find it useful to talk to yourself positively as you do this. It’s like practicing a form of mindfulness that’ll have you focusing on positivity and relaxation as opposed to anything else that may be happening in the background. 

8)    Research what triggers your particular fear of flying

Do you know what it is about flying that makes you feel nervous? For many people it’s turbulence   and what has helped them overcome their fear of flying is to read up on articles or books, or even listen to podcasts to help them understand what turbulence is and techniques to calm them whenever turbulence hits.

9)    Avoid caffeine 

Lastly, you might be one to enjoy a coffee or two throughout the day, but caffeine can actually make you feel more panicky and jittery. If you’re already nervous about flying, it might be better to take a step away from the coffee before and during your flight. 

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Travel Ledger

Travel ledger to become available beyond abta and advantage via travel ledger pay.

Travel Ledger Pay is the new integrated “Digital Wallet” that allows direct settlement between Buyers and Sellers in the UK and globally.

The B2B settlement platform (launched just a year ago) already distributes supplier statements and invoices and enables payment collection from 1700 outlets across 400 companies in the UK, but until now has only been available to ABTA and Advantage members. 

The company has grown tremendously since going live in October 2021, achieving quick adoption, but when Travel Ledger was conceived in 2019, the founders wanted to set a new industry standard enabling travel companies to settle with all their global partners, not just in limited markets.

Travel Ledger Pay is currently undergoing final testing and will be launched shortly in the UK and all EURO markets, starting from Ireland and Italy.

With 40 significant suppliers already live on the platform and many others preparing to onboard ahead of the 2023 season, Travel Ledger is looking forward to expanding its customer base and bringing even more value to the travel supply chain.

If you are a seller, a consortium or a trade association and would like to join the Travel Ledger platform to then be able to invite your partners, please get in touch with our sales team via  [email protected] .

For Buyers, access to Travel Ledger is “by invitation only”, meaning one of your business partners already must be on the platform to send you an invite. If you see the name of your suppliers already on our list of participants, then ask them to invite you, or if your favourite suppliers are not yet on Travel Ledger, ask them to get in touch with us and join!

About Travel Ledger

Travel Ledger is a settlement platform transforming money flow in the $700bn global B2B travel supply chain. It enables travel sellers to digitally deliver invoices and statements to their buyers and to collect payments and remittances on time and cost-efficiently from their buyer.

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