Dubai: A Dubai-based hospitality industry focussed fintech wants to have a $1 billion valuation, or in other words, be a 'unicorn'. Grand ambitions as iOL Pay launched operations only today (November 30).
The founder, Faisal Memon, is as confident as it comes, pointing to the 37 markets that it went live ahead of the actual launch, including in North America and Europe. The company’s platform helps hospitality industry operators manage their payment transactions.
“As digitalization has swept through the hospitality industry, consumer and B2B payment systems and processes haven’t advanced at the same pace,” said Memon. “iOL Pay builds on our decades of experience, solving challenges of renowned hotel chains through technology and strategic global partnerships.”
iOL Pay is a subsidiary of Illusions Online, which operates one of the largest global hotel marketplaces for the travel and tourism sector delivering services for over 23,000 hotels.
iOL Pay will simplify transactions, accelerate savings, and enhance revenue flows. The platform reduces fraud and chargebacks, streamlines management of cancelled bookings
Every year, hotels process payments worth $1.45 trillion. Focused primarily on the $450 billion four- and five-star hotel category, iOL Pay will “help unlock value-additions of about $23 billion as the sector experiences a post COVID-19 resurgence”.
The platform will provide hotels with a single automated payments solution and improve cashflow. It has partnered global financial services and fintech leaders to help hospitality businesses transact and manage payments.
Next year, iOL Pay with strategic partners will enable clients to manage over half a billion dollars in Total Processing Value (TPV) and grow it six times in 2023. “iOL Pay will simplify transactions, accelerate savings, and enhance revenue flows,” he added. “The platform reduces fraud and chargebacks, streamlines management of cancelled bookings, whilst transforming the guest’s experience at multiple points in their online and offline interactions with the hotel.”
iOL Pay will give rebates on all digital payments made to suppliers.